Life industry profits take hit
Profitability in the Australian life insurance industry has taken a major hit, according to the latest data released by the Australian Prudential Regulation Authority (APRA).
The data, released this week, revealed that the net profit after tax for the total industry had declined 46.2 per cent in the March quarter and was down 71.6 per cent when compared to the September quarter of last year.
The regulator said the total assets for the industry stood at $205.8 billion at March 31, down from $213.7 billion as at December 31 last year, and $231.9 billion at September 30 last year.
It said the decrease in total assets was mainly due to a reduction of the market values of equity securities, which fell $89.1 billion.
AUTHOR
Mike Taylor
Recommended for you
In this new episode of The Manager Mix, host Laura Dew speaks to Nick Paul, institutional portfolio manager at MFS Investment Management to delve into everything small and mid-cap equities.
In this episode of Relative Return, host Laura Dew chats with Kellie Wood, head of fixed income and deputy head of fixed income and multi-asset at Schroders Australia, to discuss why fixed income is returning to favour after a 12-year wait.
In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.
In this episode of Relative Return, host Maja Garaca Djurdjevic chats with Robin Tsui, APAC gold strategist at State Street Global Advisors, to discuss gold’s role as a diversifier in portfolios.
