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Industry earns almost $3.4 billion in net profit

The general insurance industry has recorded a combined annual net profit of $3.38 billion, according to the Australian Prudential Regulation Authority’s (APRA) latest statistics.

Gross earned premium was $61.65 billion and gross incurred claims totalled $40.08 billion, calculations by insuranceNEWS.com.au have revealed.

APRA published the general institution-level statistics from insurers and reinsurers based on regulatory returns covering various financial years across the 12 months to December 31.

Key insurers’ performances (in alphabetical order) include:

  • Allianz Australia recorded gross earned premium of $4.44 billion, gross incurred claims of $3.36 billion and net profit of $322 million.
  • Calliden Insurance had gross earned premium of $20 million, gross incurred claims of $30 million and a $1 million net loss.
  • Genworth Mortgage Insurance Australia’s gross earned premium totalled $525 million, gross incurred claims were $171 million and net profit was $203 million.
  • Hollard Holdings Australia posted gross earned premium of $485 million, gross incurred claims of $313 million and net profit of $8 million.
  • IAG recorded gross earned premium of $11.41 billion, gross incurred claims of $8.5 million and $671 million in net profit.
  • QBE Insurance Group’s gross earned premium totalled $19.2 billion, gross incurred claims were $12.5 billion and net profit was $1.14 billion.
  • Suncorp Insurance Holdings logged $8.91 billion gross earned premium, $7 billion in gross incurred claims and $550 million net profit.
  • Youi’s gross earned premium was $648 million, gross incurred claims totalled $420 million and net profit was $35 million.
  • Zurich Australia achieved gross earned premium of $972 million, recorded gross incurred claims of $511 million and a net profit of $10 million.

Reinsurers’ results include:

  • Gen Re Australia’s gross earned premium was $78 million, gross incurred claims were $34 million and net profit came to $17 million.
  • Hannover Re had $217 million in gross earned premium, $153 million in gross incurred claims and $3 million in net loss.
  • Munich Re achieved gross earned premium of $1.03 billion, gross incurred claims of $705 million and a $71 million net loss.
  • Swiss Re International recorded gross earned premium of $151 million, gross incurred claims of $95 million and net loss of $21 million.
  • Swiss Reinsurance Company’s gross earned premium totalled $890 million, gross incurred claims were $990 million and net profit was $38 million.

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