The Australian Reinsurance Pool Corporation paid the Federal Government $147.5 million in fees and dividends last financial year, its annual report reveals.

The figure comprises a $35 million capital holding fee, a $55 million fee for provision of the $10 billion Commonwealth guarantee, and a $57.5 million dividend, which provides retrospective compensation.

To date, the pool has paid $697.5 million in fees and dividends, with retrospective compensation via the dividend to conclude after this financial year.

Overall performance last financial year was better than forecast, with the operating result hitting $9 million – 67% above forecast but 62% lower than the previous year.

Reinsurance was provided to 244 customers, which in turn account for $3.6 trillion in sums insured and collect about $3.6 billion in gross written premium from businesses.

The pool is forecast to have collected $158.5 million in premium during 2016/17, which represents 4.4% of insurer gross written premium for eligible policies.

Next year Treasury is scheduled to complete its latest triennial review of the scheme.

“One issue we would like considered is coverage of large, physically destructive cyber-terrorism events, which are currently excluded from the scheme,” the report says.