General insurers and reinsurers made an overall net profit of $2.42 billion last year, according to annual company-level statistics from the Australian Prudential Regulation Authority (APRA).

Calculations by insuranceNEWS.com.au show the industry achieved gross earned premium of $41.7 billion and gross incurred claims of $31.78 billion in the year to December 31.

APRA says the results cover the insurers’ various financial periods to March 31, June 30, September 30 and December 31, and are based on submitted audited regulatory returns by authorised general insurers under the Financial Sector Act 2001.

Data from Lloyd’s Australia is included in the latest APRA compilation. It shows the specialist insurance market made an underwriting surplus of $469.8 million in the year to December 31.

Leading insurers’ performances (in alphabetical order) include:

• AAI (a subsidiary of the Suncorp Group) 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 $4.2 billion, gross incurred claims of $3.23 billion and net profit of $264.22 million.
• Calliden recorded gross earned premium of $79.6 million, gross incurred claims of $105.49 million and a net loss of $14.96 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 $549.6 million, and it posted claims of $133.43 million and net profit of $226.45 million.
• Hollard recorded gross earned premium of $372.97 million, gross incurred claims of $260.32 million and net profit of $1.22 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 (70% owned by IAG and 30% owned by RACV) recorded gross earned premium of $2.96 billion, while gross incurred claims were $2.17 billion and net profit was $338.11 million.
• QBE Australia posted gross earned premium of $4.25 billion, gross incurred claims of $2.8 billion and net profit of $149.73 million.
• QBE International had gross earned premium of $55.81 million, gross incurred claims of $25.54 million and a net loss of $4.32 million.
• QBE Lenders’ Mortgage Insurance reported gross earned premium of $406.31 million, while gross incurred claims were $26.45 million and net profit was $211.11 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 $36.03 million, gross incurred claims of $9.04 million and net profit of $3.2 million.
• Youi’s gross earned premium was $498.61 million, while gross incurred claims were $427.9 million and net profit $5.39 million.
• Zurich Australia turned in gross earned premium of $1.17 billion, gross incurred claims of $1.12 billion and net loss of $50.57 million.

Reinsurers’ results include:

• Berkley Re had gross earned premium of $117.14 million, gross incurred claims of $76.89 million and net profit of $9.25 million.
• Gen Re posted gross earned premium of $88.62 million, gross incurred claims of $1.31 million and net profit of $24.46 million.
• Hannover Re had gross earned premium of $179.94 million, gross incurred claims of $129.15 million and a net profit of $25.93 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.
• Munich Re’s gross earned premium was $1.07 billion, gross incurred claims were $616.12 million and it made a net loss of $70.62 million.
• Swiss Re recorded gross earned premium of $538.75 million, gross incurred claims of $346.95 million and a net profit of $18.78 million.