Australia’s insurance Industry expands in January to March

Both the life and general insurance segment witnessed surges in profit.

The profits of both life and general insurance segments in Australia surged in the January to March period on a quarter-on-quarter basis, data from the Australian Prudential Regulation Authority (APRA) showed.

Profits of the life insurance industry rebounded to $422.9 (A$628), from an $295.7m (A$439m) loss in the quarter ending-December. Likewise, its general insurance sector surged 50.7% YoY to $940m (A$1.4b).

The number of entities for life insurers remained the same at 24, whilst general insurers decreased to 88 (90 previously).

($1.00 = A$1.48)