General insurers and reinsurers made a combined net profit of $3.4 billion last year, up 15.9% on 2016, according to figures from the Australian Prudential Regulation Authority.

Underwriting profit increased 9.4% to $3.3 billion, with the biggest contribution from long-tail classes.

Net earned premium grew to $32.25 billion from $30.82 billion, and net incurred claims increased to $20.91 billion from $19.82 billion.

The regulator’s statistics for the calendar year are based on 86 primary insurers and 10 reinsurers licensed to operate in Australia.

Primary insurers recorded $3.3 billion in net profit, up from $2.94 billion. Net earned premium grew to $30.68 billion from $29 billion and net incurred claims increased to $19.86 billion from $18.48 billion.

Reinsurers returned to the black with $103 million in net profit, compared with a $5 million loss in 2016. Net earned premium fell to $1.57 billion from $1.8 billion and net incurred claims declined to $1.06 billion from $1.34 billion.

The individual performances of insurers and reinsurers for the December quarter were released in a separate report from the regulator.

These are the results of selected insurers (in alphabetical order):

• Suncorp-owned AAI had gross earned premium of $2.05 billion, gross incurred claims of $1.66 billion and $53 million in net profit
• IAG-owned Insurance Australia had $2.17 billion in gross earned premium, $1.33 billion in gross incurred claims and $312 million in net profit
• QBE Insurance Australia earned $1.3 billion in gross earned premium, $976 million in gross incurred claims and $98 million in net profit
• Allianz Australia had gross incurred premium of $1.22 billion, gross incurred claims of $1.07 billion and $151 million in net profit
• AIG Australia recorded $173 million in gross incurred premium, $144 million in gross incurred claims and $14 million in net profit
• Berkshire Hathaway Specialty Insurance reported $32 million in gross earned premium, $23 million in gross incurred claims and $4 million in net profit
• The Hollard Insurance Company had $200 million in gross earned premium, $143 million in gross incurred claims and $10 million in net profit
• Youi recorded $166 million in gross earned premium, $120 million in gross incurred claims and $12 million in net profit
• Zurich Australian Insurance logged $286 million in gross earned premium, $224 million in gross incurred claims and $7 million net profit.

Reinsurers’ results include:

• Gen Re Australia had gross earned premium of $25 million while gross earned incurred claims fell $14 million and net profit reached $16 million
• Munich Re had $202 million in gross earned premium, $22 million in gross incurred claims and $31 million net profit
• Swiss Re recorded $175 million in gross earned premium, gross incurred claims fell $1 million and its net loss was $6 million.