APRA Product GroupsAPRA Product Groups

APRA Product Groups

For consistency of reporting across the range of forms applicable to life insurers, APRA adopts a single set of product groupings for life insurers. The following tables list the APRA Product Groups applicable to (1) life companies other than friendly societies, and (2) friendly societies.

<table cellspacing="0" cellpadding="0" style="width:396.75pt; border:0.75pt solid #000000; border-collapse:collapse"><tbody><tr style="height:16.5pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top; background-color:#969696"><p class="SubHeading" style="text-align:center"><span>Ref.</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top; background-color:#969696"><p class="SubHeading" style="text-align:center"><span>Product Group</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top; background-color:#969696"><p class="SubHeading" style="text-align:center"><span>Notes</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top; background-color:#969696"><p class="SubHeading" style="text-align:center"><span>Category</span></p></td></tr><tr style="height:15pt"><td colspan="4" style="width:385.2pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom; background-color:#c0c0c0"><p class="SubHeading" style="text-align:center"><span>Life companies other than friendly societies</span></p></td></tr><tr style="height:28.5pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L1</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Conventional </span><span>Participating </span><span>(Par)</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Includes</span><span> Whole of Life policies and Endowment policies</span><span>.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Par</span></p></td></tr><tr style="height:57pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L2</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Participating </span><span>Investment Account</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>As defined in Section 14 of the </span><span style="font-style:italic">Life Insurance Act 1995</span><span>. Exclude non-participating investment account policies (refer L8, below).</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Par</span></p></td></tr><tr style="height:42.75pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L3</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Annuity</span><span> with</span><span> </span><span>L</span><span>ongevity </span><span>R</span><span>isk</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Annuit</span><span>ies</span><span> provid</span><span>ing</span><span> periodic payments that are dependent on the continuance of human life</span><span>.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par</span></p></td></tr><tr style="height:42.75pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L4</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Individual Lump Sum Risk</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Lump sum risk policies issued on </span><span>an individual</span><span> </span><span>(</span><span>retail</span><span>)</span><span> </span><span>basis</span><span>.</span><span> </span><span>Include</span><span>s</span><span> </span><span>n</span><span>on-par</span><span>ticipating</span><span> conventional policies</span><span>.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par</span></p></td></tr><tr style="height:28.5pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L5</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Individual Disab</span><span>ility</span><span> Income Insurance</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Disab</span><span>ility</span><span> Income Insurance policies issued to individuals</span><span>.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par</span></p></td></tr><tr style="height:26.35pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L6</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Group Lump Sum Risk</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Lump sum risk policies issued on a </span><span>group (</span><span>wholesale</span><span>)</span><span> </span><span>basis.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par</span></p></td></tr><tr style="height:28.5pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L7</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Group Disab</span><span>ility</span><span> </span><span>I</span><span>ncome Insurance</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Disab</span><span>ility</span><span> Income Insurance policies issued on a group </span><span>basis.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par</span></p></td></tr><tr style="height:42.75pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L8</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par Investment Policy</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Include non-participating investment account and investment linked policies</span><span>.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par</span></p></td></tr><tr style="height:42.75pt"><td style="width:21.15pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L9</span></p></td><td style="width:104.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Annuity</span><span> without</span><span> </span><span>L</span><span>ongevity </span><span>R</span><span>isk</span></p></td><td style="width:166.85pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Annuit</span><span>ies</span><span> provid</span><span>ing</span><span> periodic payments that are NOT dependent on the continuance of human life</span><span>.</span></p></td><td style="width:60.55pt; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Non-par</span></p></td></tr><tr style="height:42.75pt"><td style="width:21.15pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L10</span></p></td><td style="width:104.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Other</span></p></td><td style="width:166.85pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Include all other products not specifically categorised above</span><span> – obtain APRA’s agreement to use.</span></p></td><td style="width:60.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>(Either can be </span><span>repor</span><span>ted)</span></p></td></tr><tr style="height:42.75pt"><td style="width:21.15pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L11</span></p></td><td style="width:104.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Policy Owners’ Retained Profits</span></p></td><td style="width:166.85pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Retained profits </span><span>allocated to participating policy owners generally, but not yet vested as specific amounts to particular policies</span><span>.</span></p></td><td style="width:60.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Par</span></p></td></tr><tr style="height:42.75pt"><td style="width:21.15pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p><span>L12</span></p></td><td style="width:104.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Shareholders’ Capital &amp; Retained Profits</span></p></td><td style="width:166.85pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Shareholders’ capital plus retained profits </span><span>allocated to </span><span>sharehold</span><span>ers</span><span>.</span></p></td><td style="width:60.55pt; border-top:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:top"><p><span>Capital</span></p></td></tr></tbody></table>