According to APRA data, Challenger has emerged as a leader in the life insurance industry, reporting a net profit of $264 million. This signifies the company’s strong financial performance and positions it at the forefront of the industry. The data highlights Challenger’s success in effectively managing its operations and delivering favorable financial results.
Challenger Life Company emerged as the top-performing life (re)insurer, generating a net profit of $264 million in the last financial year, as per the annual data released by the Australian Prudential Regulation Authority (APRA) for the 12 months ending in December.
Following its acquisition of AMP’s life business in 2020, Resolution Life Australasia secured the second position, reporting a net profit of $223 million. This establishment has emerged as a significant player in the industry.
An analysis conducted by insuranceNEWS.com.au based on APRA institution-level statistics revealed that the 26 life insurers and reinsurers collectively reported a combined net profit of approximately $311 million.
While several businesses achieved positive results, Munich Re incurred a loss of $140 million, and RGA Reinsurance Company of Australia reported a loss of $98 million.
AIA Australia reported a net profit of $4 million, with net policy revenue amounting to $1.7 billion and net policy expenses totaling $1.11 billion.
Allianz Australia Life Insurance recorded a net loss of $3 million, with net policy revenue reaching $36 million and net policy expenses amounting to $11 million.
Asteron Life & Superannuation reported a net profit of $39 million, with net policy revenue of $247 million and net policy expenses totaling $89 million.
Challenger Life Company achieved a net profit of $264 million, with net policy revenue amounting to $1.12 billion and net policy expenses totaling $957 million.
ClearView Life Assurance recorded a net profit of $18 million, with net policy revenue reaching $184 million and net policy expenses amounting to $45 million.
MetLife Insurance recorded a net profit of $14 million, generating net policy revenue of $802 million, while incurring net policy expenses amounting to $373 million.
MLC achieved a net profit of $103 million, with net policy revenue amounting to $1.4 billion and net policy expenses totaling $875 million.
TAL reported a net profit of $158 million, with net policy revenue reaching $2.37 billion and net policy expenses amounting to $1.13 billion.
Zurich Australia recorded a net profit of $119 million, with net policy revenue of $1.14 billion and net policy expenses totaling $405 million.
Source : insurancenews.com.au