General insurers’ and reinsurers’ annual profits totalled $5.16 billion last year, Australian Prudential Regulation Authority (APRA) company-level figures show.

The industry’s gross earned premium was $39.88 billion, while gross incurred claims were $24.7 billion.

Underwriting earnings totalled $4.12 billion and investment earnings $3.86 billion.

Companies paid reinsurance expenses of $9.97 billion and made recoveries of $4.7 billion.

The data includes reporting years ending in March, June, September and December and uses individual insurer accounts rather than consolidated group results. Transactions between entities within the same group are not eliminated.

Here’s a summary of the major insurers’ performance:

• Allianz Australia’s gross earned premium was $3.76 billion and the company posted an underwriting result of $238.6 million. Its overall net profit was $309.99 million.
• CGU’s gross earned premium was $2.33 billion, while gross incurred claims were $1.21 billion. It made an underwriting result of $255.11 million and $245.16 million net profit.
• QBE Australia’s gross earned premium was $4.25 billion, claims were $2.6 billion and net profit was $386.04 million.
• QBE International earned gross premium of $476.89 million, incurred gross claims of $192.05 million and had earnings of $56 million.
• QBE Lenders Mortgage Insurance premiums totalled $274.48 million, claims were $64.37 million and net profit was $131.57 million.
• Suncorp (including Vero) gross earned premium was $1.24 billion, with gross incurred claims at $954 million for a net profit of $364.77 million.
• AAMI had premiums of $2.23 billion, claims of $1.98 billion and a net profit of $177.13 million.
• GIO General’s premiums were $1.78 billion and claims totalled $1.2 billion, contributing to a profit of $224.26 million.
• Hollard posted gross earned premium of $262.87 million and gross incurred claims of $149.72 million. Net profit was $7.88 million.
• Wesfarmers had gross earned premium of $1.33 billion, gross incurred claims of $872.89 million and a net profit of $73.06 million.
• Zurich had gross earned premium of $1.29 billion, claims of $1.06 billion and a net profit of $99.18 million.
• WR Berkley had gross earned premium of $60.94 million, an underwriting loss of $8.09 million and an overall loss of $11.37 million.

Others to post weak results include US-based motor insurer Progressive Direct, which had a net loss of $9.52 million. Other “challenger” brands did better:

• Auto & General’s gross earned premium was $272.67 million, for a profit of $13.66 million.
• Youi’s gross earned premium was $213.85 million, with an underwriting result of $35.25 million and net profit of $157,000.

Reinsurers’ data also reveals some mixed results:

• Munich Re earned premium of $961.82 million, reported gross incurred claims of $245.78 million and achieved net profit of $63.61 million.
• Swiss Re had gross earned premium of $683.17 million, gross incurred claims of $276.82 million and net profit of $79.46 million.
• Hannover Re’s premium earnings totalled $199.79 million, while gross incurred claims were $204.74 million. The company had a $5.4 million underwriting loss but investment income helped deliver a $10.92 million net profit.
• Gen Re’s gross earned premium totalled $95.93 million and claims were $29.98 million. Net profit was $35.02 million.
• Berkley Re reported gross earned premium of $80.57 million, claims of $47.35 million and a profit of $12.72 million.

Editor’s note: APRA defines gross earned premium as earned premium revenue, inwards reinsurance plus fire services levies.