APRA released Quarterly Life Insurance Performance Statistics – March 2017.
According to the statistics, in the year ended 31 March 2017:
- net policy revenue decreased by 1%, from $15.7 billion to $15.5 billion;
- net policy revenue recognised as a deposit decreased by 26%, from $40.9 billion to $30.3 billion;
- net policy expenses increased by 13.8%, from $8.1 billion to $9.2 billion;
- net policy expenses recognised as a withdrawal decreased by 9%, from $46.5 billion to $42.3 billion;
- net profit after tax decreased by 18.5%, from $3.0 billion to $2.4 billion; and
- total assets decreased by 22.5%, from $293.3 billion to $227.3 billion.
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