Stock photo. Credits to Unsplash.
Australia life insurance industry net profits crashes by 51.6% in June
The industry’s total revenue also took a dive of 56.4%.
Australia suffered a 51.6% drop in its net profits in June compared to a year ago, according to the Quarterly Life Insurance Performance Statistics published by the Australian Prudential Regulation Authority.
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Net profits dropped from $690m (AU$1b) in June 2021 to $346.70m. Total revenue also fell by 56.4% from $15.05b to $6.59b.
Net policy revenue remained stable, however, the industry reported a large investment loss of $4.37b as a result of unrealised losses on interest bearing-investments. APRA also reported investment losses for the general insurance industry for the same reason.
In another report, APRA reported that private health insurance profits dropped by 28% in June.
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