Mackay Chapman June 2025 APRA Update

In this month’s APRA update:

• APRA releases quarterly insurance statistics for March 2025
• APRA releases superannuation statistics for March 2025
• APRA and ASIC host superannuation CEO roundtables
• New FAQ on the Your Future, Your Super performance test

Keep reading for more information and key details.

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APRA releases quarterly insurance statistics for March 2025

On 29 May 2025, APRA published its insurance statistics for the March 2025 quarter, providing a detailed snapshot of the performance and trends across Australia’s insurance industry. 

These comprehensive reports cover key sectors, including general insurance, life insurance, and private health insurance. The data offers valuable insights into claims, premiums, policy numbers, and overall industry health, helping regulators, industry participants, and the public understand the current insurance landscape. 

The full suite of publications is available on APRA’s website, including the Quarterly General Insurance Performance Statistics, Quarterly Life Insurance Performance Statistics, and both the Quarterly Private Health Insurance Performance and Private Health Insurance Statistics reports. 

APRA releases superannuation statistics for March 2025

APRA has published its Quarterly Superannuation Performance report for the March 2025 quarter, providing an in-depth overview of Australia’s superannuation industry. 

As of 31 March 2025, total superannuation assets reached $4.13 trillion, marking a 5.9% increase compared to the previous year, though there was a slight quarterly decline of 0.8%. 

Of this, $2.89 trillion was held in APRA-regulated funds, showing 7.4% annual growth. 

Self-managed super fund assets also grew by 2.7%, reaching $1.01 trillion.

The full report is available on APRA’s website.

APRA and ASIC host superannuation CEO roundtables

In April, APRA and ASIC held two Superannuation CEO Roundtables with 16 industry leaders to discuss the Financial Accountability Regime (FAR), aimed at improving accountability and governance in superannuation.

CEOs shared their progress on FAR implementation, highlighting early registration of accountable persons, clearer governance, and scenario testing to align roles and responsibilities. 

The regime is driving cultural change, fostering collaboration, and improving risk management.

Challenges included managing overlapping accountabilities and entities outside FAR’s scope, with calls for simpler regulation. 

APRA and ASIC stressed the need for ongoing learning, clear communication, and strong governance frameworks to ensure accountability across the sector.

For more details, visit APRA’s website.

New FAQ on the Your Future, Your Super performance test

On 22 May 2025, APRA released an updated FAQ to offer better guidance on the Government’s Your Future, Your Super performance test. 

This latest update includes benchmark representative administration fees and expenses for the 12 months ending March 2025. 

The FAQs help trustees and industry participants understand their obligations under the performance test framework. 

For full details, visit Your Future, Your Super Frequently Asked Questions.

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The contents of this article do not constitute legal advice and it is not intended to be a substitute for legal advice and should not be relied upon as such.  It is designed and intended as general information in summary form, current at the time of publication, for general informational purposes only.  You should seek legal advice or other professional advice in relation to any particular legal matters you or your organisation may have.