A number of insurers made a loss from their Australian operations in the year to December 31, according to data released by the Australian Prudential Regulation Authority (APRA).

The General Insurance Company Level Statistics bulletin shows Gen Re reported a loss of $41 million, US motor market newcomer Progressive Direct lost $11.7 million and Axis lost $6 million.

However, Allianz Australia made a profit of $301 million on gross earned premium of $2.9 billion and Zurich a profit of $37.3 million on gross premium of $1 billion.

US-owned mortgage insurance specialist Genworth Financial made a profit of $191 million and QBE’s lenders mortgage insurance business made a profit of $253 million. QBE reports to the Australian Securities Exchange in US dollars but for APRA’s purposes its profit is given in Australian dollars and the business is split into three: mortgage lending, Australian and international operations.

APRA has changed how insurers report to bring them into line with international accounting standards that allow profit and loss to be recognised over time instead of immediately. This means the figures are not directly comparable with last year’s data, or with that of insurers who report at June 30, such as Suncorp and IAG.

Of the reinsurers with branches here, Munich Re reported a profit of $207 million on gross earned premium of $886 million and Swiss Re a profit of $147 million on premium of $570 million.

Berkley Re Australia reported a profit of $846,000, Scor Re $5.1 million, Hannover Re $9.2 million, Transatlantic Re $17 million and Cologne Re $5.3 million.