All but two life insurers made a profit in the year to June 30, according the latest data from the Australian Prudential Regulation Authority.
Scor Global life reported a $1 million loss, while Gen Re lost $23 million.
Insurers achieving profits below $10 million included Allianz ($7 million), Combined Life ($1 million), Global Life ($3 million), HCF Life ($4 million) and QBE Life ($3 million). In most cases the results came on low net policy revenues.
Allianz net policy revenues were $28 million, while Combined Life reported $1 million, Global Life $1 million, HCF Life $26 million and QBE Life $7 million.
AMP, CommInsure, MLC and OnePath all achieved net policy revenues of more than $1 billion, and all achieved profits above $100 million. The three major reinsurers – Swiss Re Life & Health, Hannover Life Re and Munich Re – reported net profits of $61 million, $38 million and $30 million respectively.
Net policy revenues were $609 million for Swiss Re Life & Health, $417 million for Munich Re and $345 million for Hannover Life Re.