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Australia's insurance sectors report revenue growth in Q3 2024
Both the life and general insurance market’s earnings climbed QoQ.
Australia’s life and general insurance sector both saw their quarter ending-September insurance revenues rise 5.5% quarter-on-quarter (QoQ) and 3.4% QoQ to A$6.2b and A$19.2b, respectively.
For the life segment, insurance service expense also marginally climbed 4.7% QoQ to A$5.4b, data from the Australian Prudential Regulation Authority showed. The sector’s overall profit nearly quadrupled (295.7% QoQ) to A$459m.
For the general insurance sector, insurance service expense shrank 3.2% QoQ to A$13.9b. The segment’s overall profit jumped 35.3% QoQ to A$2.1b.
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