APRA releases life insurance statistics for December 2016
The Australian Prudential Regulation Authority (APRA) today released its Quarterly Life Insurance Performance Statistics publication for the December 2016 quarter.
The Quarterly Life Insurance Performance Statistics publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios in a time series.
Key performance statistics for the life insurance industry in the year ended 31 December 2016:
| December 2015 | December 2016 | Change | |
|---|---|---|---|
| Net policy revenue | $15.5 billion | $16.8 billion | +8.4% |
| Net policy revenue recognised as a deposit | $41.2 billion | $32.6 billion | -21.0% |
| Net policy expenses | $8.1 billion | $8.8 billion | +8.4% |
| Net policy expenses recognised as a withdrawal | $44.5 billion | $45.9 billion | +3.2% |
| Net profit after tax | $3.2 billion | $2.3 billion | -26.8% |
| Total assets | $298.8 billion | $225.4 billion | -24.6% |
Key ratios for the life insurance industry in the year ended 31 December 2016:
| December 2015 | December 2016 | Change | |
|---|---|---|---|
| Return on net assets | 13.5% | 9.4% | -4.1 pp |
| Prescribed capital amount coverage ratio | 1.86x | 1.92x | +0.06x |
Refer to the December 2016 Quarterly Life Insurance Performance Statistics publication.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.