The general insurance industry saw its net profit after tax grow to $5.3billion in the year ended 31 March, 2013, up from $3.6bn in the previous year.
The figure also represents a return on net assets of 17.5%, up from 12.3% in the previous year.
This is the first set of statistical information on the general insurance industry APRA has released since revealing it would publish more industry data. Some commentators, at the time the proposal went to consultation, criticised the regulator for not releasing enough information.
Quarterly GI statistics for March revealed that the direct insurance industry wrote $29.2bn net earned premium in the year ended 31 March 2013, 6.8% more than the prior year.
The increase was driven by increases in net earned premium for short-tail classes of business of homeowners, fire and industrial special risks, and domestic motor vehicle.
The industry underwriting result was $2.7bn, compared to $1.2bn for the previous year. This was due to higher net earned premiums compared to the year ended 31 March, 2012, driven by increases in net earned premiums for the homeowners, fire and ISR, and domestic motor vehicle classes of business.
Investment income was $5.2bn, up 6.9% from the previous year, and gross incurred claims for the industry in the year were $24.5bn, down 14.9% from the previous year. The decrease was mainly due to decreases in gross incurred claims for fire and ISR, and inward reinsurance classes of business.
Net incurred claims for the industry stayed flat at $18.6bn, a 1.1% fall from the previous year, and the net loss ratio for direct insurers was 65%, down from 69% in the previous year. The net loss ratio for reinsurers was 41%, down from 61% the previous year.
