General insurers and reinsurers recorded a 42.3% rise in after-tax net profit to $3.7 billion in the year to March, Australian Prudential Regulation Authority (APRA) data shows.

Improvements in every short-tail property class provided an earnings lift.

Underwriting profit nearly doubled to $4.2 billion. Gross earned premium grew 0.7% to $45.3 billion and gross incurred claims fell 15.4% to $29.7 billion in the absence of major natural catastrophes. The net loss ratio improved to 62% from 68%.

APRA’s latest industry statistics are sourced from 85 primary insurers and 10 reinsurers.

Primary insurers made an after-tax net profit of $3.6 billion, up from $2.6 billion the previous year.

In a separate report, APRA has provided data on various insurers’ performance in the March quarter.

Results for key primary insurers (in alphabetical order):

• Suncorp-owned AAI recorded gross earned premium of almost $2 billion, gross incurred claims of $1.53 billion and net profit of $66 million
• Allianz Australia registered $1.17 billion in gross earned premium, $852 million in gross incurred claims and $81 million in net profit
• IAG-owned Insurance Australia recorded $2.05 billion in gross earned premium, $1.64 billion in gross incurred claims and a $12 million net loss
• QBE Insurance Australia logged $1.24 billion in gross earned premium, $908 million in gross incurred claims and a $34 million net profit
• The Hollard Insurance Company recorded $210 million in gross earned premium and $147 million in gross incurred claims, and broke even for the quarter.

Selected reinsurers (in alphabetical order):

• Munich Re recorded $376 million in gross earned premium, $256 million in gross incurred claims and $20 million in net profit
• Swiss Re had $345 million in gross earned premium, $86 million in gross incurred claims and $14 million in net profit.