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1 Statistics Quarterly Life Insurance Performance XXXXX 2008 (issued XX XXXXX 2009) Australian Prudential Regulation Authority

2 Copyright Commonwealth of Australia This work is copyright. You may download, display, print and reproduce this material in unaltered form only (retaining this notice) for your personal, non-commercial use or use within your organisation. All other rights are reserved. Requests and inquiries concerning reproduction and rights should be addressed to: Commonwealth Copyright Administration Copyright Law Branch Attorney-General's Department Robert Garran Offices National Circuit Barton ACT 2600 Fax: (02) or submitted via the copyright request form on the website Disclaimer While APRA endeavours to ensure the quality of this Publication, APRA does not accept any responsibility for the accuracy, completeness or currency of the material included in this Publication, and will not be liable for any loss or damage arising out of any use of, or reliance on, this Publication. Forthcoming issues This publication will be released according to the timetable published on the APRA website. Revisions This publication includes updated results for the preceding quarter based on insurer re-submissions and audited annual submissions received after the previous quarter publishing date. Rounding Details on tables may not add up to totals due to rounding of figures. Glossary and explanatory notes A set of explanatory notes is provided at the end of the publication to assist the reader in understanding the source and definitions of the data. Enquiries For more information about the statistics in this publication: or write to Manager, Insurance Statistics Australian Prudential Regulation Authority GPO Box 9836 Sydney NSW 2001 Australian Prudential Regulation Authority 2

3 Contents Important notice Important notice 4 Highlights Highlights 5 Key statistics Key statistics 6 Financial performance Total life insurance business Table 1a 9 Total statutory funds Table 1b 10 Total shareholders' funds Table 1c 11 Investment linked Table 1d 12 Non investment linked Table 1e 13 Class of business Table 1f 14 Financial position Total life insurance business Table 2a 15 Total statutory funds Table 2b 16 Total shareholders' funds Table 2c 17 Investment linked Table 2d 18 Non investment linked Table 2e 19 Product group performance Total statutory funds - quarter end Table 3a 20 Superannuation business - quarter end Table 3b 22 Ordinary business - quarter end Table 3c 24 Total statutory funds - year end Table 3d 26 Superannuation business - year end Table 3e 28 Ordinary business - year end Table 3f 30 Solvency Table 4 32 Capital adequacy Table 5 33 Management capital Table 6 34 Explanatory notes Explanatory notes 35 Glossary Glossary 36 Australian Prudential Regulation Authority 3

4 Highlights Main features (This section will highlight key features in the data each quarter) Australian Prudential Regulation Authority 4

5 Key statistics Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Total life insurance business Year end Mar 2009 Year end Mar 2010 Net premiums ($m) 999, , , , ,999 Net policy payments ($m) 999, , , , ,999 Total revenue ($m) 999, , , , ,999 Total expenses ($m) 999, , , , ,999 Net profit / loss after tax ($m) 999, , , , ,999 Total assets ($m) 999, , , , ,999 Net assets ($m) 999, , , , ,999 Return on total assets a 99.9% 99.9% 99.9% 99.9% 99.9% Return on net assets a 99.9% 99.9% 99.9% 99.9% 99.9% Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 a Quarterly figures expressed as annual percentage rates. See returns in the glossary. Australian Prudential Regulation Authority 5

6 Key statistics (cont.) Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Total statutory funds Year end Mar 2009 Year end Mar 2010 Net premiums ($m) 999, , , , ,999 Net policy payments ($m) 999, , , , ,999 Total revenue ($m) 999, , , , ,999 Total expenses ($m) 999, , , , ,999 Net profit / loss after tax ($m) 999, , , , ,999 Total assets ($m) 999, , , , ,999 Net assets ($m) 999, , , , ,999 Return on total assets a 99.9% 99.9% 99.9% 99.9% 99.9% Return on net assets a 99.9% 99.9% 99.9% 99.9% 99.9% Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Investment linked Net premiums ($m) 999, , , , ,999 Net policy payments ($m) 999, , , , ,999 Total revenue ($m) 999, , , , ,999 Total expenses ($m) 999, , , , ,999 Net profit / loss after tax ($m) 999, , , , ,999 Total assets ($m) 999, , , , ,999 Net assets ($m) 999, , , , ,999 Return on total assets a 99.9% 99.9% 99.9% 99.9% 99.9% Return on net assets a 99.9% 99.9% 99.9% 99.9% 99.9% Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Non investment linked Net premiums ($m) 999, , , , ,999 Net policy payments ($m) 999, , , , ,999 Total revenue ($m) 999, , , , ,999 Total expenses ($m) 999, , , , ,999 Net profit / loss after tax ($m) 999, , , , ,999 Total assets ($m) 999, , , , ,999 Net assets ($m) 999, , , , ,999 Return on total assets a 99.9% 99.9% 99.9% 99.9% 99.9% Return on net assets a 99.9% 99.9% 99.9% 99.9% 99.9% Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 a Quarterly figures expressed as annual percentage rates. See returns in the glossary. Australian Prudential Regulation Authority 6

7 Table 1a Financial performance - total life insurance business Quarter end Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Year end Mar 2009 Year end Mar 2010 Policy revenue Life insurance direct premiums 999, , , , ,999 Inwards reinsurance premiums 999, , , , ,999 Other policy revenue 999, , , , ,999 less Outward reinsurance premiums 999, , , , ,999 Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Premium related fees 999, , , , ,999 Non premium related fees 999, , , , ,999 Fees - movement in policy liabilities 999, , , , ,999 Investment revenue 999, , , , ,999 Investment income 999, , , , ,999 Realised/unrealised gains/losses 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Policy expenses Death & disability claims 999, , , , ,999 Maturities 999, , , , ,999 Annuities 999, , , , ,999 Surrenders & terminations 999, , , , ,999 Inwards reinsurance claims 999, , , , ,999 Other policy expenses 999, , , , ,999 less Outward reinsurance claims 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Acquisition costs - commission 999, , , , ,999 Acquisition costs - other expenses 999, , , , ,999 Maintenance costs - commission 999, , , , ,999 Maintenance costs - other expenses 999, , , , ,999 Investment management 999, , , , ,999 Net movement in DAC 999, , , , ,999 Interest expenses 999, , , , ,999 Other operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Net policy revenue recognised as a deposit 999, , , , ,999 Net policy expenses recognised as a withdrawal 999, , , , ,999 Effective movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Profit / loss before tax 999, , , , ,999 Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Tax 999, , , , ,999 Net profit / loss after tax 999, , , , ,999 Key statistics Net premiums 999, , , , ,999 Net policy payments 999, , , , ,999 Number of entities Australian Prudential Regulation Authority 7

8 Table 1b Financial performance - total statutory funds Quarter end Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Year end Mar 2009 Year end Mar 2010 Policy revenue Life insurance direct premiums 999, , , , ,999 Inwards reinsurance premiums 999, , , , ,999 Other policy revenue 999, , , , ,999 less Outward reinsurance premiums 999, , , , ,999 Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Premium related fees 999, , , , ,999 Non premium related fees 999, , , , ,999 Fees - movement in policy liabilities 999, , , , ,999 Investment revenue 999, , , , ,999 Investment income 999, , , , ,999 Realised/unrealised gains/losses 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Policy expenses Death & disability claims 999, , , , ,999 Maturities 999, , , , ,999 Annuities 999, , , , ,999 Surrenders & terminations 999, , , , ,999 Inwards reinsurance claims 999, , , , ,999 Other policy expenses 999, , , , ,999 less Outward reinsurance claims 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Acquisition costs - commission 999, , , , ,999 Acquisition costs - other expenses 999, , , , ,999 Maintenance costs - commission 999, , , , ,999 Maintenance costs - other expenses 999, , , , ,999 Investment management 999, , , , ,999 Net movement in DAC 999, , , , ,999 Interest expenses 999, , , , ,999 Other operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Net policy revenue recognised as a deposit 999, , , , ,999 Net policy expenses recognised as a withdrawal 999, , , , ,999 Effective movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Profit / loss before tax 999, , , , ,999 Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Tax 999, , , , ,999 Net profit / loss after tax 999, , , , ,999 Key statistics Net premiums 999, , , , ,999 Net policy payments 999, , , , ,999 Number of entities Notes: Total statutory funds (Table 1b) and total shareholders' funds (Table 1c) may not add up to the total life insurance business figures in Table 1a due to shareholder eliminations. Australian Prudential Regulation Authority 8

9 Table 1c Financial performance - total shareholders' funds Quarter end Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Year end Mar 2009 Year end Mar 2010 Policy revenue Life insurance direct premiums 999, , , , ,999 Inwards reinsurance premiums 999, , , , ,999 Other policy revenue 999, , , , ,999 less Outward reinsurance premiums 999, , , , ,999 Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Premium related fees 999, , , , ,999 Non premium related fees 999, , , , ,999 Fees - movement in policy liabilities 999, , , , ,999 Investment revenue 999, , , , ,999 Investment income 999, , , , ,999 Realised/unrealised gains/losses 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Policy expenses Death & disability claims 999, , , , ,999 Maturities 999, , , , ,999 Annuities 999, , , , ,999 Surrenders & terminations 999, , , , ,999 Inwards reinsurance claims 999, , , , ,999 Other policy expenses 999, , , , ,999 less Outward reinsurance claims 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Acquisition costs - commission 999, , , , ,999 Acquisition costs - other expenses 999, , , , ,999 Maintenance costs - commission 999, , , , ,999 Maintenance costs - other expenses 999, , , , ,999 Investment management 999, , , , ,999 Net movement in DAC 999, , , , ,999 Interest expenses 999, , , , ,999 Other operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Net policy revenue recognised as a deposit 999, , , , ,999 Net policy expenses recognised as a withdrawal 999, , , , ,999 Effective movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Profit / loss before tax 999, , , , ,999 Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Tax 999, , , , ,999 Net profit / loss after tax 999, , , , ,999 Key statistics Net premiums 999, , , , ,999 Net policy payments 999, , , , ,999 Number of entities Notes: Total statutory funds (Table 1b) and total shareholders' funds (Table 1c) may not add up to the total life insurance business figures in Table 1a due to shareholder eliminations. Australian Prudential Regulation Authority 9

10 Table 1d Financial performance - investment linked Quarter end Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Year end Mar 2009 Year end Mar 2010 Policy revenue Life insurance direct premiums 999, , , , ,999 Inwards reinsurance premiums 999, , , , ,999 Other policy revenue 999, , , , ,999 less Outward reinsurance premiums 999, , , , ,999 Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Premium related fees 999, , , , ,999 Non premium related fees 999, , , , ,999 Fees - movement in policy liabilities 999, , , , ,999 Investment revenue 999, , , , ,999 Investment income 999, , , , ,999 Realised/unrealised gains/losses 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Policy expenses Death & disability claims 999, , , , ,999 Maturities 999, , , , ,999 Annuities 999, , , , ,999 Surrenders & terminations 999, , , , ,999 Inwards reinsurance claims 999, , , , ,999 Other policy expenses 999, , , , ,999 less Outward reinsurance claims 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Acquisition costs - commission 999, , , , ,999 Acquisition costs - other expenses 999, , , , ,999 Maintenance costs - commission 999, , , , ,999 Maintenance costs - other expenses 999, , , , ,999 Investment management 999, , , , ,999 Net movement in DAC 999, , , , ,999 Interest expenses 999, , , , ,999 Other operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Net policy revenue recognised as a deposit 999, , , , ,999 Net policy expenses recognised as a withdrawal 999, , , , ,999 Effective movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Profit / loss before tax 999, , , , ,999 Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Tax 999, , , , ,999 Net profit / loss after tax 999, , , , ,999 Key statistics Net premiums 999, , , , ,999 Net policy payments 999, , , , ,999 Number of entities Notes: Total investment linked (Table 1d) and non investment linked (Table 1e) may not add up to the total statutory funds figures in Table 1b due to eliminations between statutory funds. Australian Prudential Regulation Authority 10

11 Table 1e Financial performance - non investment linked Quarter end Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Year end Mar 2009 Year end Mar 2010 Policy revenue Life insurance direct premiums 999, , , , ,999 Inwards reinsurance premiums 999, , , , ,999 Other policy revenue 999, , , , ,999 less Outward reinsurance premiums 999, , , , ,999 Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Premium related fees 999, , , , ,999 Non premium related fees 999, , , , ,999 Fees - movement in policy liabilities 999, , , , ,999 Investment revenue 999, , , , ,999 Investment income 999, , , , ,999 Realised/unrealised gains/losses 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Policy expenses Death & disability claims 999, , , , ,999 Maturities 999, , , , ,999 Annuities 999, , , , ,999 Surrenders & terminations 999, , , , ,999 Inwards reinsurance claims 999, , , , ,999 Other policy expenses 999, , , , ,999 less Outward reinsurance claims 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Acquisition costs - commission 999, , , , ,999 Acquisition costs - other expenses 999, , , , ,999 Maintenance costs - commission 999, , , , ,999 Maintenance costs - other expenses 999, , , , ,999 Investment management 999, , , , ,999 Net movement in DAC 999, , , , ,999 Interest expenses 999, , , , ,999 Other operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Net policy revenue recognised as a deposit 999, , , , ,999 Net policy expenses recognised as a withdrawal 999, , , , ,999 Effective movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Profit / loss before tax 999, , , , ,999 Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Tax 999, , , , ,999 Net profit / loss after tax 999, , , , ,999 Key statistics Net premiums 999, , , , ,999 Net policy payments 999, , , , ,999 Number of entities Notes: Total investment linked (Table 1d) and non investment linked (Table 1e) may not add up to the total statutory funds figures in Table 1b due to eliminations between statutory funds. Australian Prudential Regulation Authority 11

12 Table 1f Financial performance - class of business Quarter end Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Year end Mar 2009 Year end Mar 2010 Superannuation Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Investment revenue 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Profit / loss before tax 999, , , , ,999 Tax 999, , , , ,999 Net profit / loss after tax 999, , , , ,999 Ordinary Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Investment revenue 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Year end data not available untill lodgement of the March 2009 returns Data will depend on compatability to old data collection else not until March 2010 Profit / loss before tax 999, , , , ,999 Tax 999, , , , ,999 Net profit / loss after tax 999, , , , ,999 Australian Prudential Regulation Authority 12

13 Table 2a Financial position - total life insurance business Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Cash and deposits a 9,999 9,999 9,999 9,999 9,999 Investments Debt securities a 9,999 9,999 9,999 9,999 9,999 Equities a 9,999 9,999 9,999 9,999 9,999 Property a 9,999 9,999 9,999 9,999 9,999 Other investments a 9,999 9,999 9,999 9,999 9,999 Other assets a 9,999 9,999 9,999 9,999 9,999 Total assets 999, , , , ,999 Gross policy liabilities assumed directly assumed under reinsurance 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 Borrowings 9,999 9,999 9,999 9,999 9,999 Provisons 9,999 9,999 9,999 9,999 9,999 Policy owner retained profits Other liabilities 9,999 9,999 9,999 9,999 9,999 Total liabilities 999, , , , ,999 Share capital Reserves 9,999 9,999 9,999 9,999 9,999 Shareholder retained profits 9,999 9,999 9,999 9,999 9,999 Other 9,999 9,999 9,999 9,999 9,999 Net assets Number of entities Notes: a All asset classes represent the effective exposure after adjustment for look-through and hedging. Australian Prudential Regulation Authority 13

14 Table 2b Financial position - total statutory funds Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Cash and deposits a 9,999 9,999 9,999 9,999 9,999 Investments Debt securities a 9,999 9,999 9,999 9,999 9,999 Equities a 9,999 9,999 9,999 9,999 9,999 Property a 9,999 9,999 9,999 9,999 9,999 Other investments a 9,999 9,999 9,999 9,999 9,999 Other assets a 9,999 9,999 9,999 9,999 9,999 Total assets 999, , , , ,999 Gross policy liabilities assumed directly assumed under reinsurance 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 Borrowings 9,999 9,999 9,999 9,999 9,999 Provisons 9,999 9,999 9,999 9,999 9,999 Policy owner retained profits Other liabilities 9,999 9,999 9,999 9,999 9,999 Total liabilities 999, , , , ,999 Share capital Reserves 9,999 9,999 9,999 9,999 9,999 Shareholder retained profits 9,999 9,999 9,999 9,999 9,999 Other 9,999 9,999 9,999 9,999 9,999 Net assets Number of entities Notes: Total statutory funds (Table 2b) and total shareholders' funds (Table 2c) may not add up to the total life insurance business figures in Table 2a due to shareholder eliminations. a All asset classes represent the effective exposure after adjustment for look-through and hedging. Australian Prudential Regulation Authority 14

15 Table 2c Financial position - total shareholders' funds Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Cash and deposits a 9,999 9,999 9,999 9,999 9,999 Investments Debt securities a 9,999 9,999 9,999 9,999 9,999 Equities a 9,999 9,999 9,999 9,999 9,999 Property a 9,999 9,999 9,999 9,999 9,999 Other investments a 9,999 9,999 9,999 9,999 9,999 Other assets a 9,999 9,999 9,999 9,999 9,999 Total assets 999, , , , ,999 Gross policy liabilities assumed directly assumed under reinsurance 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 Borrowings 9,999 9,999 9,999 9,999 9,999 Provisons 9,999 9,999 9,999 9,999 9,999 Policy owner retained profits Other liabilities 9,999 9,999 9,999 9,999 9,999 Total liabilities 999, , , , ,999 Share capital Reserves 9,999 9,999 9,999 9,999 9,999 Shareholder retained profits 9,999 9,999 9,999 9,999 9,999 Other 9,999 9,999 9,999 9,999 9,999 Net assets Number of entities Notes: Total statutory funds (Table 2b) and total shareholders' funds (Table 2c) may not add up to the total life insurance business figures in Table 2a due to shareholder eliminations. a All asset classes represent the effective exposure after adjustment for look-through and hedging. Australian Prudential Regulation Authority 15

16 Table 2d Financial position - investment linked Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Cash and deposits a 9,999 9,999 9,999 9,999 9,999 Investments Debt securities a 9,999 9,999 9,999 9,999 9,999 Equities a 9,999 9,999 9,999 9,999 9,999 Property a 9,999 9,999 9,999 9,999 9,999 Other investments a 9,999 9,999 9,999 9,999 9,999 Other assets a 9,999 9,999 9,999 9,999 9,999 Total assets 999, , , , ,999 Gross policy liabilities assumed directly assumed under reinsurance 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 Borrowings 9,999 9,999 9,999 9,999 9,999 Provisons 9,999 9,999 9,999 9,999 9,999 Policy owner retained profits Other liabilities 9,999 9,999 9,999 9,999 9,999 Total liabilities 999, , , , ,999 Share capital Reserves 9,999 9,999 9,999 9,999 9,999 Shareholder retained profits 9,999 9,999 9,999 9,999 9,999 Other 9,999 9,999 9,999 9,999 9,999 Net assets Number of entities Notes: Total investment linked (Table 2d) and non investment linked (Table 2e) may not add up to the total statutory funds figures in Table 2b due to eliminations between statutory funds. a All asset classes represent the effective exposure after adjustment for look-through and hedging. Australian Prudential Regulation Authority 16

17 Table 2e Financial position - non investment linked Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Cash and deposits a 9,999 9,999 9,999 9,999 9,999 Investments Debt securities a 9,999 9,999 9,999 9,999 9,999 Equities a 9,999 9,999 9,999 9,999 9,999 Property a 9,999 9,999 9,999 9,999 9,999 Other investments a 9,999 9,999 9,999 9,999 9,999 Other assets a 9,999 9,999 9,999 9,999 9,999 Total assets 999, , , , ,999 Gross policy liabilities assumed directly assumed under reinsurance 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 9,999 Borrowings 9,999 9,999 9,999 9,999 9,999 Provisons 9,999 9,999 9,999 9,999 9,999 Policy owner retained profits Other liabilities 9,999 9,999 9,999 9,999 9,999 Total liabilities 999, , , , ,999 Share capital Reserves 9,999 9,999 9,999 9,999 9,999 Shareholder retained profits 9,999 9,999 9,999 9,999 9,999 Other 9,999 9,999 9,999 9,999 9,999 Net assets Number of entities Notes: Total investment linked (Table 2d) and non investment linked (Table 2e) may not add up to the total statutory funds figures in Table 2b due to eliminations between statutory funds. a All asset classes represent the effective exposure after adjustment for look-through and hedging. Australian Prudential Regulation Authority 17

18 Table 3a Product group performance - total statutory funds - quarter end Conventional Participating Participating Investment Account Annuity with Longevity Risk Individual Lump Sum Risk Individual Disability Income Insurance Group Lump Sum Risk Net policy revenue 999, , , , , ,999 Management service fees 999, , , , , ,999 Investment revenue 999, , , , , ,999 Other revenue 999, , , , , ,999 Total revenue 999, , , , , ,999 Net policy expenses 999, , , , , ,999 Operating expenses 999, , , , , ,999 Movement in net policy liabilities 999, , , , , ,999 Change in policy owner retained profits 999, , , , , ,999 Other expenses 999, , , , , ,999 Total expenses 999, , , , , ,999 Profit / loss before tax 999, , , , , ,999 Tax 999, , , , , ,999 Net profit / loss after tax 999, , , , , ,999 Australian Prudential Regulation Authority 18

19 Table 3a Product group performance - total statutory funds - quarter end (cont.) Group Disability Income Insurance Non-par Investment Policy Annuity without Longevity Risk Other Total 999, , , , ,999 Net policy revenue 999, , , , ,999 Management service fees 999, , , , ,999 Investment revenue 999, , , , ,999 Other revenue 999, , , , ,999 Total revenue 999, , , , ,999 Net policy expenses 999, , , , ,999 Operating expenses 999, , , , ,999 Movement in net policy liabilities 999, , , , ,999 Change in policy owner retained profits 999, , , , ,999 Other expenses 999, , , , ,999 Total expenses 999, , , , ,999 Profit / loss before tax 999, , , , ,999 Tax 999, , , , ,999 Net profit / loss after tax Australian Prudential Regulation Authority 19

20 Table 3b Product group performance - superannuation business - quarter end Conventional Participating Participating Investment Account Annuity with Longevity Risk Individual Lump Sum Risk Individual Disability Income Insurance Group Lump Sum Risk Net policy revenue 999, , , , , ,999 Management service fees 999, , , , , ,999 Investment revenue 999, , , , , ,999 Other revenue 999, , , , , ,999 Total revenue 999, , , , , ,999 Net policy expenses 999, , , , , ,999 Operating expenses 999, , , , , ,999 Movement in net policy liabilities 999, , , , , ,999 Change in policy owner retained profits 999, , , , , ,999 Other expenses 999, , , , , ,999 Total expenses 999, , , , , ,999 Profit / loss before tax 999, , , , , ,999 Tax 999, , , , , ,999 Net profit / loss after tax 999, , , , , ,999 Australian Prudential Regulation Authority 20

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