The industry recorded a 23.9% rise in net profit to $3.8 billion for the year to June 30, latest Australian Prudential Regulation Authority (APRA) data shows.

Relatively benign weather was a major factor as gross incurred claims fell to $30.2 billion from $33.6 billion in the previous year. Gross earned premium grew to $45.6 billion from $45.4 billion.

Underwriting profit surged 19.5% to $4.2 billion, but investment income declined 3.3% to $2.3 billion.

APRA’s figures are based on data submitted by 85 primary insurers and 10 reinsurers. Primary insurers’ net profit increased to $3.6 billion from $3.1 billion and reinsurers recorded a $249 million profit after a $64 million deficit the previous year.

In a separate report, APRA breaks down various insurers’ performance in the June quarter.

Key primary insurers (in alphabetical order):

• Suncorp-owned AAI had gross earned premium of $2.03 billion, gross incurred claims of $1.19 billon and net profit of $339 million
• Allianz Australia achieved $1.2 billion in gross earned premium, $837 million in gross incurred claims and $183 million net profit
• IAG-owned Insurance Australia logged gross earned premium of $2.09 billion, $1.08 billion of gross incurred claims and net profit of $222 million
• QBE Insurance Australia reported $1.26 billion in gross earned premium, $788 million in gross incurred claims and $130 million in net profit
• The Hollard Insurance Company had gross earned premium of $230 million, gross incurred claims of $145 million and net profit of $10 million.

Selected reinsurers:

• Munich Re had $383 million of gross earned premium, $252 million of gross incurred claims and net profit of $8 million
• Swiss Re recorded gross earned premium of $294 million, gross incurred claims of $17 million and net profit of $35 million.