In August 2016, APRA released the June Quarterly Life Insurance Performance Statistics Publication. This quarterly publication provides a summary of financial performance and financial position for the life insurance industry, with insight into the performance of individual product groups. KPMG has analysed the data and prepared a summary highlighting some of the key trends observed for risk products.
The life insurance industry reported profits of $1,378m for risk products for FY16, up from $982m for FY15, the highest level since 2012.
The life insurance industry reported the following profits* for the June 2016 quarter:
*Net of reinsurance and net of tax