Australian insurers see revenue growth in the September quarter

Total assets totalled $174b during the period.

Insurance revenue of Australia’s general insurers as of the end of the September quarter saw $12.29b (A$19.2b), 3.4% higher on a quarter-on-quarter (QoQ) basis, data from Australian Prudential Regulation Authority showed.

Similarly, the life segment climbed 5.5% QoQ to $3.97b (A$6.2b).

Both the general and life sectors registered higher QoQ net profit growths of 35.5% ($1.34b, A$2.1b) and 295.7% (to $294m, A$459m), respectively.

Total assets of the general insurance market saw $86.78b (A$135.6b), whilst life insurance recorded $87.17b (A$136.2b).

The quarter gathered data from 89 general insurers and 24 life insurers.

($1.00 = A$1.55)