In November, APRA released the September quarter life industry aggregate summaries of financial performance, financial position, as well as details of the performance of individual product groups.
Profits for risk products halved in the September quarter, compared to June ($148m vs $300m).
The life insurance industry reported $148m profit* for the September 2016 quarter:
* Net of reinsurance and net of tax
Trends: Lump Sum products continue to be profitable, but indicate significant softening
Group Life profits reduced to 2014 levels.
Reserve for Group Life increased this quarter after three quarters of reduction.
Disability Income report losses for the third consecutive quarter.