In May 2017, APRA released the March 2017 quarter life industry aggregate summaries of financial performance, financial position, as well as details of the performance of individual product groups. KPMG’s Life Insurance Risk Profitability Update provides an overview of the financial performance for life insurance risk products in the March 2017 quarter.
The life insurance industry reported profits of $394m for risk products in the March 2017 quarter, after a loss of $153m in the previous quarter. The profits were driven by retail lump sum returning back to profitability while retail disability income reported significantly lower losses. Group life shows signs of improving profitability while Group disability income profits continue to be volatile.
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