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APRA releases life insurance statistics for December 2018
The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Institution-level Statistics publication for the year ending 31 December 2018.
The publication contains entity-level information on APRA-authorised life insurers’ financial performance, position and capital adequacy. It is compiled from audited annual returns submitted to APRA between 1 January 2018 and 31 December 2018.
The five largest life insurers by total industry assets:
| Rank | Life insurer | Total assets ($billion) | Market share | Regulatory capital as a % of requirement |
|---|---|---|---|---|
| 1 | AMP Life Limited | 98 | 43.6% | 220% |
| 2 | OnePath Life Limited | 42 | 18.7% | 141% |
| 3 | Challenger Life Company Limited | 19 | 8.5% | 153% |
| 4 | The Colonial Mutual Life Assurance Society Limited | 13 | 5.5% | 131% |
| 5 | Westpac Life Insurance Services Limited | 10 | 4.2% | 234% |
| Top 5 | 185 | 80.6% | n/a | |
| Total Industry | 226 | 100.0% | n/a |
Top five life insurers by reported net profit after tax (NPAT):
| Rank | Life insurer | Tax paid ($million) | NPAT ($million) | Share of total |
|---|---|---|---|---|
| 1 | Challenger Life Company Limited | 118 | 366 | 39.6% |
| 2 | Westpac Life Insurance Services Limited | 119 | 198 | 21.4% |
| 3 | TAL Life Limited | 85 | 179 | 19.3% |
| 4 | The Colonial Mutual Life Assurance Society Limited | 107 | 154 | 16.7% |
| 5 | Suncorp Life & Superannuation Limited | 65 | 100 | 10.8% |
| Top 5 | 494 | 996 | 107.8% | |
| Total Industry | 548 | 924 | 100.0% |
The December 2018 Life Insurance Institution-level Statistics publication is available on APRA’s website here.
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.