APRA releases latest life insurance statistics

The Australian Prudential Regulation Authority (APRA) has released the latest Australian life insurance industry statistics, institutional level, covering the financial year-end information of insurers.

The biannual report contains data about the financial performance, position, and capital adequacy at total entity level and specific to investment-linked and non-investment-linked business.

For the 12 months ended June 2022, AMP Life Limited (AMP) dominated the market, with $2,454 million total revenue. It was followed by AIA Australia Limited (AIA) with $2,304 million, TAL Life Limited (TAL) with $2,190 million, MLC Limited (MLC) with $1,419 million, and Swiss Re Life & Health Australia Limited (Swiss Re) with $1,171 million.

Focusing on investment-linked financial performance, the top five were:

• AMP: $693 million total revenue;
• Allianz Australia Life Insurance Limited (Allianz): $494 million total revenue;
• Zurich Australia Limited (Zurich): $164 million total revenue;
• OnePath Life Limited (OnePath): $105 million total revenue; and
• Asteron Life & Superannuation Limited (Asteron): $13 million total revenue.

Meanwhile, the top five companies with the highest non-investment-linked business financial performance were:

• TAL: $2,179 million total revenue;
• AIA: $1,799 million total revenue;
• AMP: $1,756 million total revenue;
• MLC: $1,343 million total revenue; and
• Swiss Re: $1,171 million total revenue.

See the rest of the data on the APRA website.

APRA, along with the Australian Securities and Investments Commission (ASIC), recently wrote to the Australian life insurance industry following consumer complaints and insurers' reportable situations related to premium increases in retail life insurance policies.