Australian Insurance Sector Reports Revenue Growth in Q3 2024
Australia’s insurance sector saw positive financial results in the third quarter of 2024, with both life and general insurance markets reporting increases in revenue.
For the quarter ending September, revenues in the life and general insurance sectors rose. Life insurance revenues increased by 5.5% quarter-on-quarter (QoQ) to A$6.2 billion, and general insurance revenues climbed 3.4% QoQ to A$19.2 billion.
In the life insurance segment, insurance service expenses also saw a marginal increase of 4.7% QoQ, reaching A$5.4 billion. Despite this, the sector’s overall profit nearly quadrupled, experiencing a significant 295.7% QoQ jump to A$459 million.
The general insurance sector demonstrated a different trend, with insurance service expenses shrinking by 3.2% QoQ to A$13.9 billion. Consequently, the segment’s overall profit rose substantially, increasing by 35.3% QoQ to A$2.1 billion.
These figures indicate a positive financial performance for the Australian insurance market during this period. The general insurance segment’s ability to reduce expenses alongside revenue growth contributed significantly to its increased profitability.
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