The Australian Prudential Regulation Authority (APRA) has unveiled the latest life insurance institution-level statistics.
The data, released on a biannual basis, sheds light on critical facets related to the Australian life insurance industry, such as financial performance, position, and capital adequacy.
The disclosed figures present a detailed snapshot of individual insurers' fiscal standing at the conclusion of each financial year. The dataset not only encompasses information pertaining to financial performance, position, and capital adequacy at the total entity level but also delves into specific details concerning investment-linked and non-investment-linked business segments.
For the 12 months to June 30, 2023, TAL emerged as the life insurance company with the highest total revenue ($3,175 million). It was followed by Challenger Life Company Limited with $1,980 million and Swiss Re Life & Health Australia Limited with $1,217 million.
Focusing on assets, Challenger Life had the highest total assets for the 12 months to June 30 ($27,755 million). It was closely followed by Resolution Life Australasia Limited, with $25,636 million total assets. AIA Australia Limited ranked third, with $15,000 total assets.
The APRA and the Australian Securities and Investments Commission (ASIC) recently addressed premium increases within the life insurance industry following life companies' assessments of previous premium adjustments and related disclosure and marketing materials, as mandated by APRA and ASIC in December 2022.
