RACQ Insurance has reported an underwriting result of $33.92 million for the 2012 calendar year, down from $42.93 million in 2011.

Premium revenue was $634.12 million, up from $598.56 million, and reinsurance costs were $77.16 million, giving net premium revenue of $556.96 million.

Claims expenses of $399.9 million were offset by $9.49 million in reinsurance and other recoveries revenue, giving net claims incurred of $390.4 million.

Property damage from ex-Tropical Cyclone Oswald will cost RACQ Insurance about $25 million, according to an update of events since December 31.

This total comprises a net cost of about $21.5 million after reinsurance recoveries and a $3.5 million premium to reinstate parts of the catastrophe reinsurance program.

Last year’s cashflow statement shows insurance premiums received rose to $713.44 million from $671.41 million.

Reinsurance premiums paid fell to $75.33 million from $81.04 million, while reinsurance and other recoveries received dropped to $85.61 million from $157.25 million.

Claims paid fell to $483.06 million from $537.51 million.