APRA releases life insurance statistics for December 2018

The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Institution-level Statistics publication for the year ending 31 December 2018.
The publication contains entity-level information on APRA-authorised life insurers’ financial performance, position and capital adequacy. It is compiled from audited annual returns submitted to APRA between 1 January 2018 and 31 December 2018.
The five largest life insurers by total industry assets:
Rank Life insurer Total assets ($billion) Market share Regulatory capital as a % of requirement
1 AMP Life Limited 98 43.6% 220%
2 OnePath Life Limited 42 18.7% 141%
3 Challenger Life Company Limited 19 8.5% 153%
4 The Colonial Mutual Life Assurance Society Limited 13 5.5% 131%
5 Westpac Life Insurance Services Limited 10 4.2% 234%
Top 5 185 80.6% n/a
Total Industry 226 100.0% n/a
Top five life insurers by reported net profit after tax (NPAT):
Rank Life insurer Tax paid ($million) NPTA ($million) Share of total
1 Challenger Life Company Limited 118 366 39.6%
2 Westpac Life Insurance Services Limited 119 198 21.4%
3 TAL Life Limited 85 179 19.3%
4 The Colonial Mutual Life Assurance Society Limited 107 154 16.7%
5 Suncorp Life & Superannuation Limited 65 100 10.8%
Top 5 494 996 107.8%
Total Industry 548 924 100.0%
The December 2018 Life Insurance Institution-level Statistics publication is available on APRA’s website here.
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