Though it was a tough financial year for underwriting, insurers have turned things around in the final quarter, figures from the Australian Prudential Regulation Authority reveal.

The regulator’s latest quarterly general insurance report shows net incurred claims increased 21% to $17.8 billion in the year to June 30.

That led to an underwriting loss of $16 million, against a $1.8 billion profit the previous year.

Despite those expenses, total industry net profit dipped only slightly to $2.9 billion from $3 billion, while net premium income lifted 6.4% to $24.3 billion.

For the quarter ended June 30, results improved dramatically. Net premium revenue increased 5% to $7.5 billion, while net profit soared 82% to $1.5 billion.

The net underwriting result for the quarter increased 78% to $1.9 billion, as the net loss ratio improved to 50% from 60%. Net incurred claims fell 12% to $3.8 billion.

At the end of the period the insurance industry held total assets of $95.2 billion, a 4% increase. Net assets increased 11% to $28.7 billion.