AMP Life is Australia’s largest life insurer by total industry assets, with $107.1bn in total assets, or 46.3% of market share, according to APRA’s latest Life Insurance Institution-level Statistics publication.
The publication provided entity-level information on APRA-authorised life insurers’ financial performance, position, and capital adequacy, based on audited annual returns submitted to APRA for the year ending June 30.
The report identified OnePath Life as the second-largest life insurer in the nation, with 17.8% of market share, followed by Challenger Life Company (8.3%), The Colonial Mutual Life Assurance Society (5.4%), and Westpac Life Insurance Services (3.8%).
Together, the top five life insurers accounted for 81.6% of market share, the APRA report showed.
AMP Life also topped the list of life insurers by net profit after tax (NPAT), with $565m NPAT. Also in the top five are Challenger Life ($366m), Swiss Re & Health Australia ($262m), Westpac Life Insurance Services ($217m), and TAL Life ($179m).
Visit APRA’s website for the full report.