Life/risk sales resilient
New data released by the Australian Prudential Regulation Authority (APRA) has confirmed the degree to which life/risk sales are providing a solid foundation for the financial services industry amid continuing volatile economic conditions.
The data revealed a 20.3 per cent increase for the total industry to $3.1 billion for the year to 30 September, notwithstanding an 11.5 per cent decrease in September quarter profit to $752 million.
Looking at the September quarter, the APRA data revealed that net profit after tax was $237 million with individual risk products contributing $265 million, while the contribution from group products was in negative territory.
It said total revenue was $3.1 billion, with individual risk products contributing $2 billion and group risk products contributing $1.2 billion.
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The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
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