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.
Photos are from open sources.
