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APRA stats show life industry in profit

Only three life insurers failed to make a profit last year, with the biggest after-tax loss of $139 million recorded by National Mutual, part of AMP.

Australian Prudential Regulation Authority figures show MetLife recorded an after-tax loss of $13 million on its Australian operations, while RGA Australia reported a $10 million deficit.

National Mutual had net policy revenue of $946 million, offset by $1.9 billion of total expenses. MetLife net policy revenue was $554 million, with expenses of $601 million. RGA Australia policy revenue was $593 million and expenses $730 million.

TAL recorded the highest net policy revenue at $1.7 billion for the calendar year.

MLC ($1.57 billion), CommInsure ($1.55 billion), OnePath ($1.35 billion), AIA $1.3 billion) and AMP ($1.1 billion) also topped the $1 billion barrier.

AMP reported the largest total expenses at $7.7 billion, followed by MLC ($4.8 billion) and OnePath ($3.5 billion).

AMP has the largest total liabilities at $88 billion, followed by OnePath ($37 billion).

The figures also reveal the profitability of life insurers that do not break out their Australian operations when reporting.

AIA made an $87 million after-tax profit and Zurich $43 million.  

Reinsurers have mostly turned around their loss-making Australian life business.

Swiss Re made a $162 million after-tax profit last year, making it the most profitable life reinsurer. Munich Re reported a $152 million profit. Hannover Re made a $2 million profit, while Gen Re reported $23 million and Scor $3 million.

Swiss Re’s net policy revenue was $1.1 billion, ahead of Munich Re on $534 million.

RGA Australia’s net policy revenue was $593 million, Hannover Re recorded $488 million and Gen Re reported $262 million. 

Pacific Re continues to grow in the Australian market, recording $120 million of net policy revenue. Scor reported policy revenue of $81 million.

Swiss Re’s total expenses were $965 million. Munich Re’s were $452 million, Gen Re’s $250 million, RGA Australia’s $730 million, Pacific Re’s $135 million and Scor’s $87 million.

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