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Australian life insurance market has grown by 136% in a year

As of 2023 financial year, which ended on June 30, the Australian life insurance sector built up its net profit by 136% to $1.2 billion. These data were published by the Australian state regulator APRA (Australian Prudential Regulation Authority), reports the online resource UkrStrakhovanie.
Australian life insurance market has grown by 136% in a year

According to the APRA report, the total industry premium income was $14.7 billion, investment return was $4.8 billion, and total assets of life insurers increased by 2.5% to $124.4 billion. The return on risk life insurance was $441.3 million.

The life insurance market in Australia is consolidated. Local and international players dominate here. Besides, the competition has boosted in the sector after COVID-19 (due to increased awareness about insurance) leading to expansion in the product line of life insurers.

Leading market players are Allianz Group, UNIQA, Helvetia, Generali, Vienna Insurance Group.

Source: https://www.ukrstrahovanie.com.ua/news/avstralijskij-rynok-strahovaniya-zhizni-otchitalsya-o-roste-pribyli-na-136

Photos are from open sources.

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