Australia’s life and general insurance sectors both experienced notable revenue growth in the third quarter of 2024, according to data from the Australian Prudential Regulation Authority (APRA).
The life insurance market saw its revenues rise by 5.5% quarter-on-quarter (QoQ), reaching A$6.2 billion, while the general insurance sector’s earnings grew by 3.4% QoQ to A$19.2 billion.
In the life insurance segment, insurance service expenses increased slightly by 4.7% QoQ, totaling A$5.4 billion. Despite this, the sector’s overall profit saw a remarkable surge, nearly quadrupling (295.7% QoQ) to A$459 million.
Meanwhile, the general insurance market reported a 3.2% decrease in insurance service expenses, which fell to A$13.9 billion. The sector’s profit also saw significant growth, rising by 35.3% QoQ to A$2.1 billion.
These positive results highlight the resilience and profitability of Australia’s insurance industries as they continue to show solid performance in Q3 2024.
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