The life industry recorded an underwriting gain of $278 million in the December quarter, up sharply from $36 million a year earlier, according to Australian Prudential Regulation Authority data.

Individual disability income insurance underwriting profit surged to $297 million from $150 million, and group disability income insurance was up to $133 million from $44 million.

Individual lump sum risk posted a loss of $32 million compared to $167 million, and group lump sum risk also remained in the red – a deficit of $80 million compared with $84 million a year earlier.

The industry had a net profit from continuing operations of $270 million, after making nothing in the corresponding period of 2024.

Insurance revenue climbed to $6.15 billion from $5.56 billion; life insurance direct business incurred claims rose to $3.28 billion from $3.13 billion; and investment return declined to $327 million from $1.2 billion.

The APRA data is based on filings from 23 entities.

This story has been updated with revised APRA figures.