Insurers and reinsurers produced a combined net profit of $2.46 billion in their last financial years, according to the Australian Prudential Regulation Authority’s (APRA) latest statistics.

They recorded $42.98 billion in gross earned premium and $31.36 billion in gross incurred claims, calculations by insuranceNEWS.com.au show.

APRA says the general insurance institution-level statistics, sourced from regulatory returns under the Financial Sector Act 2001, cover the (re)insurers’ various financial years ending during the 12 months to June 30.

Lloyd’s Australia, which is grouped separately from the rest, 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 Suncorp Group) posted gross earned premium of $7.7 billion, gross incurred claims of $6.18 billion and net profit of $476.09 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 Insurance had gross earned premium of $79.6 million, gross incurred claims of $105.49 million and a $14.96 million net loss.
• CGU made gross earned premium of $2.53 billion, gross incurred claims of $1.71 billion and net loss of $17.81 million.
• Genworth Financial Mortgage Insurance’s gross earned premium totalled $549.6 million, gross incurred claims were $133.43 million and net profit was $226.45 million.
• Hollard posted gross earned premium of $485.16 million, gross incurred claims of $313 million and net profit of $7.92 million.
• IAL (NRMA Insurance) had $4.09 billion in gross earned premium, $3.02 billion in gross incurred claims and net profit of $304.87 million.
• Insurance Manufacturers of Australia posted gross earned premium of $3.04 billion, gross incurred claims of $2.39 billion and net profit of $258.86 million.
• QBE Australia’s gross earned premium totalled $4.25 billion, gross incurred claims were $2.8 billion and net profit was $149.73 million.
• QBE International had $55.81 million in gross earned premium, $25.54 million in gross incurred claims and $4.32 million in net loss.
• QBE Lenders’ Mortgage Insurance recorded gross earned premium of $406.31 million, gross incurred claims of $26.47 million and net profit of $211.11 million.
• WR Berkley recorded $36.03 million in gross earned premium, $9.04 million in gross incurred claims and $3.2 million in net profit.
• Youi’s gross earned premium was $624.02 million, gross incurred claims totalled $401.72 million and net profit was $48.11 million.
• Zurich Australia achieved gross earned premium of $1.17 billion, recorded gross incurred claims of $1.12 billion and a net loss of $50.57 million.

Reinsurers’ results include:

• Berkley 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 $1.99 billion, gross incurred claims of $1.63 billion and net profit of $174.83 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.