In the 12 months to 30 June 2023, TAL was the life insurance company with the highest total revenue (A$3.1 million). It is followed by Challenger Life Company Limited with $1.9 million and Swiss Re Life & Health Australia Limited with $1.2 million.
In terms of assets, Challenger Life had the highest total assets at A$27.7 million. Next is Resolution Life Australasia Limited with total assets of $25.6 million and AIA Australia Limited with total assets of $15 million.
Despite the poor financial performance of employees' compensation schemes, the market remained stable, albeit with some minor rate increases. Private business underwriting is least affected by COVID-19 exposure and operating restrictions for businesses, resulting in scheme performance likely to be better with less need for rate increases. State-owned enterprise underwriting has been significantly impacted by COVID-19.
Photos are from open sources.
