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1301.0 - Year Book Australia, 2002  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 25/01/2002   
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Contents >> Financial System >> Life insurance corporations

Life insurance corporations offer termination insurance and investment policies. Termination insurance includes the payment of a sum of money on the death of the insured or on the insured receiving a permanent disability. Investment products include annuities and superannuation plans. The life insurance industry in Australia consists of 42 direct insurers, including six reinsurers. As with the banking industry, the life insurance industry is dominated by a few very large companies holding a majority of the industry's assets.

Life insurance companies are supervised by the APRA under the Life Insurance Act 1995.

Table 26.6 shows the financial assets and liabilities arising from both policyholder and shareholder investment in life insurance corporations.

26.6 LIFE INSURANCE CORPORATIONS, Financial Assets and Liabilities

June 1999

$m
June 2000

$m
June 2001

$m

FINANCIAL ASSETS

Currency and deposits
11,421
11,278
11,912
Bills of exchange
5,998
3,754
4,588
One name paper
16,663
13,862
10,468
Bonds
Derivatives
45,750
-
45,321
145
41,147
82
Loans and placements
9,631
11,678
10,414
Equities
76,408
99,894
110,201
Other accounts receivable
6,281
5,469
5,591
Total financial assets
172,152
191,401
194,403

LIABILITIES

One name paper issued offshore
Bonds etc issued offshore
Derivatives
Loans and placements
-
42
-
3,141
-
1,187
297
5,093
626
1,172
699
5,116
Listed and unlisted equity
35,386
39,292
47,551
Net equity in reserves
69,139
61,427
47,612
Net equity of pension funds
90,245
108,072
115,874
Other accounts payable
5,330
4,101
4,750
Total liabilities
203,283
219,469
223,400

Source: Australian National Accounts: Financial Accounts (5232.0).


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