A story in insuranceNEWs.com.au reports that general insurers and reinsurers made a combined profit of $4.57 billion last year, according to the latest Australian Prudential Regulation Authority company-level statistics.
The industry recorded gross earned premium of $41.71 billion and gross incurred claims of $27.96 billion.
Munich Re recorded the largest loss, at $163 million, while the largest profit – $921.39 million – was made by AAI, which incorporates all Suncorp general insurance brands.
A spokesman for Munich Re told insuranceNEWS.com.au the group “does not comment on local gap figures in an individual market and comparison to our peers”.
The statistics cover company financial years ending on December 31, March 31, June 30 and September 30.
Insurers’ performances include:
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Allianz Australia reported gross earned premium of $3.92 billion, gross incurred claims of $3.09 billion and net profit of $388.08 million.
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CGU earned gross premium of $2.41 billion and incurred gross claims of $1.21 billion, with a net profit of $227.43 million.
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IAG Re (formerly known as NZI Insurance Australia and having ceased writing general insurance) reported gross earned premium of $982.01 million, gross incurred claims of $1.03 billion and net profit of $161.82 million.
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IAL (NRMA Insurance)reported gross earned premium of $4.07 billion, gross incurred claims of $2.77 billion and net profit of $387.42 million.
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Wesfarmers General Insurance (now part of IAG) had gross earned premium of $1.37 billion, gross incurred claims of $855.13 million and a net profit of $110.91 million.
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Insurance Manufacturers of Australia (70% owned by IAG and 30% owned by RACV) premium totalled $2.96 billion, claims were $1.94 billion and net profit was $340.43 million.
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QBE Australia’s gross earned premium was $4.16 billion, claims were $2.58 billion and net profit was $269.25 million.
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QBE International reported gross earned premium of $538.72 million, gross incurred claims of $303.19 million and net profit of $20.02 million.
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AAI (incorporating all Suncorp general insurance brands) earned premium of $7.68 billion, incurred gross claims of $5.71 billion and reported a net profit of $921.39 million.
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Zurich Australia had gross earned premium of $1.26 billion, claims of $905.85 million and a net profit of $7.79 million.
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Hollard posted gross earned premium of $316.64 million and gross incurred claims of $185.37 million. Net profit was $12.76 million.
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Youi earned gross premium of $345.07 million, incurred gross claims of $206.63 million and recorded a net profit of $24.42 million.
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Auto & General reported gross earned premium of $329.28 million, gross incurred claims of $202.44 million and net profit of $18.08 million.
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Progressive Direct reported gross earned premium of $18.93 million, gross incurred claims of $21.67 million and an overall loss of $9.25 million.