The Australian Prudential Regulation Authority (APRA) has published its quarterly life insurance performance statistics for the June 2023 quarter.
The report provides aggregate summaries of the Australian life insurance industry’s financial performance, financial position, capital adequacy, and key ratios.
For the year ending June 30, 2023, the Australian life insurance industry reported total revenue of $20.5 billion, up 116.9% from $9.5 billion in 2022. During the same period, the industry reported $1.2 billion net profit after tax, a whopping 136.1% increase from $0.5 billion in the previous year.
For the quarter ending June 30, 2023 (Q2 2023), the Australian life insurance industry’s total revenue was $3.6 billion, down 52.8% from $7.6 billion in the previous quarter. The industry also reported net profit after tax of $22.3 million, down 96.6% from $652.3 million in the previous quarter.
APRA has also released the latest general insurance and private health insurance statistics for the June 2023 quarter.
