IDII loses $31.8m during Sept quarter

Individual disability income insurance (IDII) has reported a substantial loss during the September quarter as the life insurance industry’s performance continues to be challenged, according to Australian Prudential Regulation Authority (APRA) data.

The data found IDII lost another $318.8 million during the quarter, totalling a loss of $1.349 billion for the year to September, 2020. APRA said this was primarily driven by loss recognition as adverse claims experience persisted.

The overall life insurance industry reported a net loss after tax of $1.6 billion over the year to September, 2020 – a reduction from the $220 million profit from the previous year. APRA said the deterioration was caused by poor results during the December and March quarters.

Related News:

For the 12 months to September, 2020, risk products reported an after-tax loss of $1.5 billion as performance of all risk products deteriorated over the year apart from individual lump sum products.

The second-largest loss after IDII during the quarter was group lump sum at a loss of $95.5 million.

Risk product net profit after tax for the life insurance industry in the year ended 30 September 2020

Risk product

Year to Sep 2019 ($m)

Year to Sep 2020 ($m)

Sep 2020 quarter only ($m)

Individual lump sum




Individual disability income insurance




Group lump sum




Group disability income insurance








Source: APRA

Recommended for you



Add new comment