Data portrays static life sector
Financial planners may have embraced life/risk as a valuable revenue stream in recent times but that was not necessarily reflected in the life/risk sector's underlying statistics.
The latest data released by the Australian Prudential Regulation Authority (APRA) for the 12 months to 30 June, 2012, has revealed an industry not noticeably changed from the prior reporting period, with net premiums almost static at $43.4 billion and net policy payments largely unchanged at $41.7 billion.
However the APRA data noted that industry revenue was $15.9 billion, down from $16.7 billion; and that net profit after tax was $2.5 billion, down from $2.8 billion.
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