RACQ Insurance has recorded $336.8 million of premiums in the six months ending June 30, according to the club’s latest annual report.

The club has changed its reporting period from December 31 to June 30 so there were no comparison figures for the period.

The insurance business paid $42.4 million for reinsurance premiums giving net premium revenue of $294.3 million for the shortened 2013 financial year.

The 12 months ending December last year saw net premium revenue of $557 million.

Claims in the six months ending June 30 were $270 million with $87.2 million recovered from reinsurance.

The net claims total was $182.7 million in the 2013 half-year. In the 2012 financial year, the net claims result was $390 million.

Gross outstanding claims liabilities at June 30 stood at $789.5 million compared to the December 31 figures of $769.4 million.

RACQ CEO Ian Gillespie says the insurance business was ahead of budgets in the first six months of this year.

The club introduced flood cover as standard in July last year and Mr Gillespie says this has enabled claims to be handled more efficiently.

“Of the 10,500 claims we received, with 9500 relating to household damage, 83% were finalised by the end of July with more than $68 million in claims received,” he said in the report.

Investment income for the six months was $21.3 million. In 2012, investment income for the 2012 calendar year was $69.8 million.