Australia life insurance industry suffers 88.6% loss in investment revenues

The loss was offset by the 25% decrease in operating expenses.

Australia’s life insurance industry registered only 2.6% growth in net profits, dragged down by the 88.6% loss in investment revenue in the year ended March 2022, data by the Australian Prudential Regulation Authority revealed.

The fall in investment revenue was offset by a 25% decrease in total expenses. Net profit for the industry was $710m (A$1b) for the year ended March 2022.

For the quarter ended March 2022, net profit stood at $33.63m, representing a 78.7% loss from the previous quarter.

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