Insurers and reinsurers made a combined profit of $4.21 billion last calendar year, according to company-level statistics from the Australian Prudential Regulation Authority (APRA).

The industry’s combined gross earned premium was $37.09 billion, while gross incurred claims were $25.77 billion.

Investment income was $5.08 billion and the industry’s underwriting profit was $2.28 billion.

APRA has changed its reporting system, so the statistics now cover two different reporting frameworks and represent the data of insurers and reinsurers collectively.

Companies paid $9.08 billion for reinsurance in the year and recorded reinsurance recoveries of $4.42 billion.

Allianz Australia’s gross earned premium was $3.37 billion, with gross claims of $2.5 billion and an after-tax profit of $357.63 million.

Zurich reported gross earned premium of $1.23 billion, gross claims of $859.2 million and a profit of $113.06 million.

WR Berkley saw gross premium of $52.4 million, claims of $17.04 million and a profit of $13.05 million.

XL Insurance reported a $10.29 million loss on gross earned premium of $91.52 million and gross incurred claims of $75.16 million.

Of the reinsurers, Swiss Re’s gross earned premium was $633.67 million, with claims of $177.35 million and net profit of $267.78 million.

Munich Re saw gross earned premium of $965.2 million, gross claims of $409.56 million and net profit of $203.16 million.

Hannover Re reported gross earned premium of $183.53 million and gross incurred claims of $144.6 million, making a profit of $58.43 million.

Gen Re earned gross premium of $89.2 million and incurred gross claims of $35.04 million, making a $46.66 million profit.

Berkley Re reported gross earned premium of $75.53 million, claims of $24.19 million and a profit of $20.98 million.