General insurers and reinsurers have made a combined full-year net profit of $2.31 billion, according to a compilation of company-level statistics from the Australian Prudential Regulation Authority (APRA).

A calculation by insuranceNEWS.com.au shows the industry’s leading players logged overall gross earned premium of $34.15 billion and gross incurred claims of $26.63 billion.

The statistics cover company financial years ending on December 31, March 31, June 30 and September 30, and are based on audited regulatory returns submitted to APRA under the Financial Sector (Collection of Data) Act 2001.

AAI, which includes all Suncorp general insurance brands, posted the largest profit at $597.55 million, and Munich Re chalked up the biggest loss, with $163.03 million.

Leading insurers’ performances (in alphabetical order) include:

• AAI (incorporating all Suncorp general insurance brands) posted gross earned premium of $7.66 billion, gross incurred claims of $6.5 billion and net profit of $597.55 million.
• Allianz Australia recorded gross earned premium of $3.92 billion, gross incurred claims of $3.09 billion and net profit of $388.08 million.
• Calliden recorded gross earned premium of $92.78 million, gross incurred claims of $90.04 million and a net loss of $19.79 million.
• CGU earned gross premium of $2.37 billion, gross incurred claims of $1.87 billion and reported a net loss of $116.02 million.
• Genworth Financial Mortgage Insurance’s gross earned premium totalled $520.7 million, and it posted claims of $91.39 million and net profit of $322.9 million.
• Hollard recorded gross earned premium of $372.97 million, gross incurred claims of $260.32 million and net profit of $1.22 million.
• IAG Re (formerly NZI Insurance Australia and having ceased writing general insurance) posted gross earned premium of $1.05 billion, gross incurred claims of $1.36 billion and net profit of $39.18 million.
• IAL (NRMA Insurance) made gross earned premium of $4.07 billion, gross incurred claims of $3.11 billion and net profit of $192.09 million.
• Insurance Manufacturers of Australia’s (70% owned by IAG and 30% owned by RACV) gross earned premium totalled $2.96 billion, while gross incurred claims were $2.17 billion and net profit $338.11 million.
• QBE Australia posted gross earned premium of $4.16 billion, gross incurred claims of $2.58 billion and net profit of $269.25 million.
• QBE International had gross earned premium of $538.72 million, gross incurred claims of $303.19 million and net profit of $20.01 million.
• QBE Lenders’ Mortgage Insurance reported gross earned premium of $433.12 million, while gross incurred claims were minus-$18.35 million and net profit was $285.41 million.
• Wesfarmers General Insurance (including Lumley and now part of IAG) had gross earned premium of $1.35 billion, gross incurred claims of $1.21 billion and a net loss of $77.95 million.
• WR Berkley had gross earned premium of $96.96 million, gross incurred claims of $73.94 million and net profit of $3.39 million.
• Youi’s gross earned premium came in at $498.61 million, while gross incurred claims were $427.9 million and net profit $59.39 million.
• Zurich Australia turned in gross earned premium of $1.26 billion, gross incurred claims of $905.85 million and net profit of $7.79 million.

Insurers that made a loss (in alphabetical order) include:

• Achmea earned gross premium of $1.44 million, recorded gross incurred claims of $926,000 and posted a net loss of $5.54 million.
• Axis Specialty Europe – which announced last month that it will exit the Australian market – recorded gross earned premium of $80.03 million, gross incurred claims of $91.90 million and a net loss of $7.96 million.
• Progressive Direct’s gross earned premium totalled $18.93 million, gross incurred claims $21.67 million and net loss $9.25 million.
• XL Insurance had gross earned premium of $95.65 million, gross incurred claims of $51.56 million and a net loss of $7.79 million.

Reinsurers’ (in alphabetical order) results include:

• Berkley Re had gross earned premium of $79.85 million, gross incurred claims of $53.83 million and a net profit of $14.63 million.
• Gen Re posted gross earned premium of $97.41 million, gross incurred claims of $46.4 million and net profit of $40.17 million.
• Hannover Re had gross earned premium of $182.16 million, gross incurred claims of $181.15 million and a net profit of $38.81 million.
• Munich Re’s gross earned premium was $1.26 billion, gross incurred claims were $1.33 billion and it made a net loss of $163.03 million.
• Swiss Re recorded gross earned premium of $621.56 million, gross incurred claims of $510.61 million and a net profit of $87.57 million.

Also see ANALYSIS