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Industry logs almost $4 billion in profit

The general insurance industry has recorded an annual after-tax net profit of about $3.92 billion, according to a calculation based on latest statistics released by the Australian Prudential Regulation Authority.

Gross earned premium totalled $58.39 billion and gross incurred claims were $42.09 billion, the calculations by insuranceNEWS.com.au show.

The regulator published the general insurance institution-level statistics based on audited regulatory returns submitted by authorised insurers and reinsurers.

The data covers various financial years across the 12-month period to June 30.

Results from key insurers (in alphabetical order) include:

  • AIG Australia had gross earned premium of $611 million, gross incurred claims of $502 million and net profit of $37 million
  • Allianz Australia recorded $4.44 billion in gross earned premium, $3.36 billion in gross incurred claims and $324 million in net profit
  • Calliden Insurance posted gross earned premium of $20 million, gross incurred claims of $30 million and a net loss of $1 million
  • Genworth Mortgage Insurance Australia had $525 million in gross earned premium, $171 million in gross incurred claims and $203 million in net profit
  • Hollard Holdings Australia logged $629 million in gross earned premium, $446 million in gross incurred claims and $16 million in net profit
  • IAG recorded $11.69 billion in gross earned premium, $8.64 billion in gross incurred claims and $1.03 billion in net profit
  • QBE Insurance Group had gross earned premium of $19.2 billion, gross incurred claims of $12.5 billion and net profit of $1.14 billion
  • Suncorp Insurance recorded $9.33 billion in gross earned premium, $8.26 billion in gross incurred claims and $659 million in net profit
  • Youi’s gross earned premium totalled $694 million, gross incurred claims were $475 million and net profit was $59 million
  • Zurich Australia achieved $972 million in gross earned premium, $511 million in gross incurred claims and $10 million in profit.

Results from key reinsurers include:

  • Gen Re Australia’s gross earned premium was $78 million, gross incurred claims were $34 million and net profit was $17 million
  • Munich Re recorded $1.03 billion in gross earned premium, $705 million in gross incurred claims and a net loss of $71 million
  • Swiss Re International had $151 million in gross earned premium, $95 million in gross incurred claims and a net loss of $21 million.

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