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APRA plans to remove 'unnecessary obstacles' for longevity products
Financial Standard
|June 30, 2025
APRA has proposed changes to its prudential framework for annuities, committing to removing unnecessary obstacles to the development of more “innovative” and “competitively priced” longevity products.
The regulator identified two issues with its existing framework.
Firstly, it imposes high capital requirements compared to some other jurisdictions, “making annuities more expensive that they might otherwise be.”
Second, the framework is “insufficiently risk sensitive” and may "exacerbate procyclicality” by requiring life insurers to liquidate assets during a market downturn.
APRA has subsequently proposed to redesign the illiquidity premium in Prudential StandardLPS 112 Capital Adequacy: Measurement of Capital (LPS 112).
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