APRA delivers historic life insurance market snapshot

life-insurance/insurance/APRA/the-Australian-prudential-regulation-authority/AMP-Life/Zurich/AIA-Australia/Challenger-life/TAL/

21 June 2019
| By Mike |
image
image
expand image

The latest Australian Prudential Regulation Authority (APRA) Life Insurance Institution-level statistics publication has painted a picture of an industry transition – noting that AMP Life was the top-ranked life insurer for the year ending 31 December, last year, accounting for 43.6 per cent of the market.

The APRA data also pointed to ANZ’s OnePath Life being the second-ranked insurer with 18.7 per cent market share with Challenger ranking third with 8.5 per cent and the Commonwealth Bank’s Colonial Mutual Life entity ranking fourth with a 5.5 per cent market share.

What the APRA data did not note was that AMP almost a year ago sold its life insurance business to Resolution Life, albeit that the transaction is still on foot with the company’s departing Chief Financial Officer, Gordon Lefevre staying on to oversee a separation which was proving “difficult and complex”.

Similarly, the APRA analysis did not note OnePath Life is now part of the Zurich stable, with the transaction completing in early June, giving Zurich around 20 per cent market share. Also, not specifically noted was that the Commonwealth Bank’s CommInsure is still in the process of being sold to AIA Australia.

Where profitability was concerned, the APRA data ranked Challenger Life in first place, followed by Westpac Life, then TAL, then Commbank’s Colonial Mutual Life, followed by Suncorp Life and Superannuation Limited.

The APRA report did not note that Suncorp Life had subsequently been acquired by TAL with the transaction completing in May.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

3 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

3 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months 1 week ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

3 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

3 weeks 5 days ago

A former Victorian financial adviser has been sentenced after stealing $4.4 million from clients, family and friends to feed his “raging gambling addiction”....

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND