News Life and Health08 Jan 2019

Australia:AMP Life outstrips rivals

| 08 Jan 2019

AMP Life is Australia's largest life insurer by total industry assets, with A$107.1bn ($76bn) in total assets, or 46.3% of market share, according to the latest Life Insurance Institution-level Statistics publication by APRA.

The publication contains entity-level information on APRA-authorised life insurers’ financial performance, position and capital adequacy. This publication is compiled from audited annual returns submitted to APRA between 1 July 2017 and 30 June 2018.

The report shows that together, the top five life insurers accounted for 81.6% of market share in terms of total assets.

The five largest life insurers by total assets are:

Rank

Life insurer

Total assets (A$bn)

Market share

1

AMP Life

107.1

46.3%

2

OnePath Life

41.2

17.8%

3

Challenger Life Company

19.2

8.3%

4

The Colonial Mutual Life Assurance Society

12.5

5.4%

5

Westpac Life Insurance Services

8.9

3.8%

 

Top 5

188.9

81.6%

 

Total industry

231.6

100.0%

 

AMP Life also topped the list of life insurers by net profit after tax (NPAT), with A$565m.

The top five life insurers by reported net profit after tax are:

Rank

Life insurer

NPAT (A$m)

Share of total

1

AMP Life

565

22.5%

2

Challenger Life

366

14.5%

3

Swiss Re Life & Health Australia

262

10.4%

4

Westpac Life Insurance Services

217

8.6%

5

TAL Life

179

7.1%

 

Top 5

1,588

63.1%

 

Total industry

2,516

100.0%

 

The top five life insurers by reported total revenue are:

Rank

Life insurer

Total Revenue (A$m)

Share of total

1

AMP Life

12,990

37.3%

2

OnePath Life

4,334

12.4%

3

TAL Life

2,201

6.3%

4

The Colonial Mutual Life Assurance Society

2,176

6.2%

5

MLC

1,685

4.8%

 

Top 5

23,386

67.0%

 

Total industry

34,883

100.0%

 

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