Three in four superannuation funds reported negative net earnings last year, after accounting for all expenses and income.
About 109 superannuation funds had a negative year, while only 33 had a positive year, according to APRA's fund-level data for the year ended June 2020, released in December.
APRA calculated superannuation funds' net earnings by subtracting their spending on investment expenses, administration costs and advice from the income each fund made from investment returns and operations.
Investment earnings for most were negative for the year, resulting in nearly 76% of the funds reporting negative net earnings.
Colonial First State FirstChoice Superannuation Trust had the lowest net earnings for FY20 at about -$2.7 billion. About 36 funds posted negative net earnings of $100 million or plus.
AustralianSuper had net earnings of -$76 million for the period.
The highest net earnings for the period were from Super Directions Fund ($2.3 billion), followed by ANZ Australian Staff Super ($769 million) and Aware Super ($710 million).