Insurance facts and figures 2007 - PwC

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Top 15 life insurers Ranking Measure: Financial Position: Entity Year end Current $m Net Policy Liabilities Prior $m Solvency Ratio Prior % Current Prior Rank Change Financial Assets Held at FV Current $m Prior $m Net Assets Current $m Prior $m Total Assets Current $m 1 AMP 12/06 67,642 56,654 1 19% 1.7 1.6 77,996 68,853 2,975 3,757 89,159 77,473 2 National Australia Financial Management 9/06 46,240 41,960 2 10% 1.4 1.6 55,757 50,474 5,179 11,567 61,560 56,747 3 ING Australia 12/05 23,253 15,007 5 55% 2.4 2.1 23,964 17,564 1,244 3,729 29,035 19,412 4 Commonwealth Life 6/06 20,272 22,744 4 -11% 2.2 1.8 22,707 25,566 1,298 3,341 24,016 29,889 5 AXA Asia-Pacific 12/06 16,606 16,344 3 2% 4.5 8.2 26,919 26,857 1,502 1,386 20,764 20,165 6 Westpac Life 9/06 12,325 8,814 6 40% 3.4 4.6 1,211 1,477 588 1,717 14,543 10,234 7 Norwich Union Life 12/06 4,682 4,562 7 3% 4.7 5.6 5,327 5,079 481 456 5,755 5,463 8 Zurich Life 12/06 4,213 3,876 8 9% 1.5 1.5 3,805 2,832 394 369 6,336 5,818 9 Suncorp Life 6/06 3,846 3,201 9 20% 2.6 2.6 5,917 4,607 251 999 6,163 4,805 10 Promina 12/06 3,131 2,859 10 10% 1.8 1.7 4,131 3,816 963 915 4,709 4,303 11 Tower Australia 09/06 2,530 2,454 12 3% 2.9 2.9 2,672 2,452 294 283 3,200 3,093 12 Metlife 12/06 2,169 2,398 11 -10% 2.3 2.0 2,411 2,597 481 418 2,721 2,872 13 Challenger Life 6/06 2,138 2,272 13 -6% 1.2 1.7 2,731 3,452 1,279 750 5,239 4,104 14 Macquarie Life 3/06 2,096 2,087 14 0% 2.7 2.8 5,162 4,550 3,154 2,509 5,479 4,721 15 MBF Life 6/05 1,497 1,233 15 21% 8.1 3.4 1,461 1,411 106 124 1,792 1,432 Prior $m Source: Published annual financial statements, including segment reporting for organisations with significant non-life insurance activities Notes: World wide net policyholder liabilities is ranked for those companies/groups based in Australia, while only net policyholder liabilities under the control of the Australian operations are included for those with overseas parents. Policy holders liabilities are net of all reinsurance recoveries. Total assets include assets of life insurance statutory funds and shareholders’ funds. Investment revenue includes unrealised gains/losses and investment management expenses. Investments excludes excess of net market value of interests in subsidiaries. 6
Industry information 1 Net Insurance Prem Rev Current $m Prior $m Performance: Investment Revenue Current $m Prior $m Result after tax Current $m Prior $m 896 875 10,781 9,016 699 531 720 677 6,152 7,676 1,184 985 483 588 1,780 799 219 668 834 715 3,260 3,066 3,303 613 881 845 2,196 2,145 290 226 190 189 5,002 183 141 198 156 153 645 582 95 64 80 72 62 59 57 64 108 84 791 575 61 140 328 320 790 708 177 161 210 178 307 341 26 31 181 156 115 170 63 50 - - 376 492 118 250 1,574 891 292 260 229 239 28 26 64 65 6 10 7
Page 1 and 2: Insurance facts and figures 2007
Page 3 and 4: Insurance facts and figures 2007
Page 5 and 6: 4 Financial reporting 85 Developmen
Page 7 and 8: HIC HPPA IAA IASB IBD IBNER IBNR IC
Page 9 and 10: Introduction
Page 11 and 12: Industry information 1 Top 15 gener
Page 13: Industry information 1 Financial Po
Page 17 and 18: Industry information 1 Financial Po
Page 19 and 20: Industry information 1 Financial Po
Page 21 and 22: Industry information 1 Debt securit
Page 23 and 24: Industry information 1 General insu
Page 25 and 26: Industry information 1 Total privat
Page 27 and 28: Industry information 1 World catast
Page 29 and 30: Industry information 1 New annual p
Page 31: Industry information 1 Loss and exp
Page 34 and 35: 2.1 Developments Developments over
Page 36 and 37: The requirements of these prudentia
Page 38 and 39: 2.2 Framework Under the regulatory
Page 40 and 41: Although APRA is responsible for th
Page 42 and 43: 2.3 Authorisation GENERAL INSURANCE
Page 44 and 45: authorisation, APRA can stipulate t
Page 46 and 47: AUTHORISED REPRESENTATIVES AND INSU
Page 48 and 49: Section 989B of the Corporations Ac
Page 50 and 51: • submits a Financial Information
Page 52 and 53: • A general insurer must develop,
Page 54 and 55: • The fitness and propriety of a
Page 56 and 57: LPS 232 - Business Continuity Manag
Page 58 and 59: Figure 2.2 summarises the calculati
Page 60 and 61: Insurance risk capital factors Tabl
Page 62 and 63: Table 2.6 - Counterparty grades Gra
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General insurers in run-off This ap
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The key requirements of the new sta
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The solvency requirement broadly co
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AS3.04 Capital Adequacy Standard is
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The resilience reserve is intended
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Funds held in a trust account can b
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If the reinsurance program has a co
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The Life Act also provides that cer
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3.1 Framework The insurance industr
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Table 3.1 - Policyholder protection
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• given a PDS before becoming bou
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With effect from 1 July 2003, only
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As AFSL holders, insurers are requi
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Since 2001, there has been a marked
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INSURANCE BROKERS Insurance Brokers
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4.1 Developments AASB 7 FINANCIAL I
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Australia had one of the leading-ed
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• it eliminates or significantly
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4.2 Framework Insurers’ financial
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Figure 4.1 - Overview of relevant f
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10 core principles that the Council
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4.3 Accounting standards GENERAL IN
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• Non-insurance contracts; and
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value unless the claims are to be s
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Outstanding claims should have rega
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Interaction with regulatory reporti
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Life investment contract A life inv
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The income statement includes all p
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Incremental costs that are directly
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• The process used to determine t
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Premium revenue Under the revised A
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AUTHORISED REPRESENTATIVES AND INSU
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APRA prudential standards stipulate
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4.5 Other returns GENERAL INSURANCE
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- A description of the probability
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In March 2006, the IAA released Pro
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• An annual FCR; • An appointed
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• National Claims and Policies Da
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• Levy on deregulated premium col
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• Quarterly unaudited PHIAC 4 med
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136 5.1 Developments Tax reform in
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• under the hedging election and
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Outstanding claims A deduction is a
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Classes of income The income of a l
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Investment income A life insurer is
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HEALTH INSURANCE An organisation wh
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5.4 Levies and premium taxation GEN
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Table 5.4 - Stamp duty rates - Gene
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However, life insurers may be entit
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• The expenses incurred by the in
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General Insurance Supervisory Levy
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6.1 Commonwealth legislation The in
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etail financial products is more st
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and provides guarantees and assista
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GENERAL INSURANCE BROKERS’ CODE O
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7.1 Government authorities Governme
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PRIVATE HEALTH INSURANCE ADMINISTRA
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7.2 Industry associations ASSOCIATI
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AUSTRALIAN HEALTH SERVICE ALLIANCE
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FINANCIAL SERVICES ACCOUNTANTS ASSO
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INSTITUTE OF PUBLIC INSURANCE ASSES
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INSURANCE PREMIUM FINANCE ASSOCIATI
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NATIONAL INSURANCE BROKERS ASSOCIAT
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PRIVATE HEALTH INSURANCE OMBUDSMAN
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Registered general insurers Chubb I
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Registered general insurers Poseido
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7.5 Registered life insurers Americ
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7.6 Registered health insurers ACA
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7.7 Government insurers ACT Insuran
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PERTH 250 St George’s Terrace Tel
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