We changed the survey format somewhat in the current year to improve the comparability of the information presented. In previous surveys we included separate columns for each individual insurer,even if they formed part of the same group. However, in the current year we used the consolidated financial information for the listed insurers that often have more than one life licence. This change allows for an easier reference to the results published by the groups, and a more useful analysis of the industry results.
The reader should note that where consolidated financial statements were used, they also include the results of the groups’ other subsidiaries which may comprise short-term insurance, asset management and foreign subsidiaries.
Industry overviews in recent months produced by the financial press covering the life industry are riddled with words such as ‘woes, turmoil and losing traction”. The sentiment around the industry is not positive and naysayers point towards unexpected changes in CEOs, increasing lapse rates and poor investment results that clearly all is not well.
The financial results for the life insurance industry summarised in this survey does show this strain, but perhaps not to the same extent.
The table below presents some of the salient aggregated IFRS metrics of the participants in the survey:
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