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1301.0 - Year Book Australia, 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/01/2003   
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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 (Cwlth).

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

Amounts outstanding at 30 June

2000
2001
2002
$m
$m
$m

FINANCIAL ASSETS

Currency and deposits
12,524
13,123
11,760
Bills of exchange
3,810
4,693
4,031
One name paper
14,002
10,389
12,212
Bonds
45,070
41,074
37,891
Derivatives
119
28
359
Loans and placements
10,375
9,235
6,097
Equities
100,336
110,404
113,762
Other accounts receivable
5,469
5,551
8,864
Total
191,705
194,497
194,976

LIABILITIES

Bills of exchange
-
-
36
One name paper issued offshore
-
674
431
Bonds etc. issued in Australia
1,240
1,115
1,104
Bonds etc. issued offshore
1,327
1,261
1,012
Derivatives
295
371
-
Loans and placements
4,885
4,914
3,695
Listed and unlisted equity
38,091
46,192
36,723
Net equity in reserves
60,410
53,518
53,337
Net equity of pension funds
108,079
116,070
117,729
Other accounts payable
4,170
4,879
5,477
Total
218,497
228,994
219,544

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


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