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
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
