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.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.