APRA data confirms life company concentration

The degree to which asset ownership in the Australian life insurance industry remains dominated by just five large players has been exemplified by the latest data from the Australian Prudential Regulation Authority (APRA).

The institutional level data, released today, found that the five largest life insurers accounted for nearly 100% of total investment linked industry assets.

It said that the 12 months to December, 2019, the five largest life insurers were AMP Life Limited (80.2%), Westpac Life Insurance Services Limited (7.8%), The Colonial Mutual Life Assurance Society Limited (6.5%), OnePath Life Limited (1.4%, and ClearVew Life Assurance Limited (1.3%).

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It said that the top five combined had 97.2% of total investment-linked industry assets.

The APRA data said the five largest life insurers by total non-investment-linked industry assets for financial years ending in the 12 months to December, 2019, were AMP Life Limited (28.4%), Challenger Life Company Limited (17.1%), The Colonial Mutual Life Assurance Society Limited (5.9%), Munich Reinsurance Company of Australasia Limited (5.7%) and AIA Australia Limited (5.4%).

“The top five combined have 62.6% of total non-investment-linked industry assets,” it said.




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