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APRA releases data on individual insurer performance

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The Australian Prudential Regulation Authority (APRA) has released its bi-annual statistics of the individual performance of life insurers operating in Australia.

The institution-level statistics includes financial year-end information and also data relating to financial performance, position and capital adequacy at total entity level, and also specific to investment linked and non-investment linked business.

APRA says the data is compiled primarily from regulatory returns by authorised life insurance companies as required under the Financial Sector (Collection of Data) Act 2001.

Here are the results of key life insurers covering various financial years across the 12 months to December 2020 (in alphabetical order):

  • AIA Australia booked net policy revenue of $1.04 billion, net policy expenses of $688 million and a net loss of $128 million
  • AMP Life had net policy revenue of $795 million, net policy expenses of $1.52 billion and a net profit of $234 million
  • Asteron Life & Superannuation had $508 million in net policy revenue, $266 million in net policy expenses and a net loss of $209 million
  • Challenger Life Company posted net policy revenue of $1.19 billion, net policy expenses of $750 million and a net loss of $337 million
  • ClearView Life Assurance booked net policy revenue of $174 million, net policy expenses of $58 million and a net profit of $11 million
  • MetLife Insurance had net policy revenue of $585 million, net policy expenses of $382 million and a net profit of $13 million
  • MLC posted $1.43 billion in net policy revenue, $965 million in net policy expenses and $243 million in net loss
  • OnePath Life had $818 million in net policy revenue, $503 million in net policy expenses and $8 million in net loss
  • TAL Life logged net policy revenue of $2.27 billion, net policy expenses of $1.14 billion and a net profit of $98 million
  • Zurich Australia had $558 million in net policy revenue, $153 million in net policy expenses and $105 million in net profit.

Click here to access the report.