APRA releases latest life insurance statistics

APRA releases latest life insurance statistics | Insurance Business Australia

APRA releases latest life insurance statistics

The Australian Prudential Regulation Authority (APRA) has released the latest life insurance supplementary and institutional-level statistics for 2020.

The annual Life Insurance Supplementary Statistical Tables (LISST) include sources of profit, assets backing policy liabilities, and policy liabilities. The data was published in APRA’s Half Yearly Life Insurance Bulletin.

For the financial year ended December 2020, LISST revealed total statutory funds of $7,316,307 million gross insurance, $3,558,467 million reinsured insurance, $22,862 million gross contractual regular contributions, and $10,043 million reinsured contractual regular contributions.

During the same period, the LISST estimated $181,686 million gross value of future policy benefits, $37,044 million future expenses, and -167,223 million future premiums. It also predicted a $47,181 million total gross best estimate liability.

Meanwhile, the Life Insurance Institutional-Level Statistics, published on a biannual basis, relate to financial performance, position, and capital adequacy.

For entity-level financial performance (total entity) for the financial year ended December 2020, TAL Life Limited recorded $2,380 million total revenue, the highest among the life insurers. MLC Limited followed with $1,593 million and Challenger Life Company Limited with $1,394 million.

Meanwhile, the lowest included AMP Life Limited with -$3,640 million. It was followed by Macquarie Life Limited with -$4 million and RLNM Limited with $0 million.