The Australian Prudential Regulation Authority (APRA) today released its Quarterly Life Insurance Performance Statistics publication for the March 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 March 2016:
| March 2015 | March 2016 | Change | |
|---|---|---|---|
| Net policy revenue | $15.1 billion | $15.7 billion | +4.0% |
| Net policy revenue recognised as a deposit | $45.2 billion | $40.9 billion | -9.5% |
| Net policy expenses | $7.8 billion | $8.1 billion | +3.8% |
| Net policy expenses recognised as a withdrawal | $53.1 billion | $46.5 billion | -12.4% |
| Net profit after tax | $2.6 billion | $3.0 billion | +16.9% |
| Total assets | $306.5 billion | $293.3 billion | -4.3% |
Key ratios for the life insurance industry in the year ended 31 March 2016:
| March 2015 | March 2016 | Change | |
|---|---|---|---|
| Return on net assets | 11.4% | 12.6% | +1.3pp |
| Prescribed capital amount coverage ratio | 1.71x | 1.86x | +0.15x |
Refer to the March 2016 Quarterly Life Insurance Performance Statistics publication.