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APRA releases general insurance statistics for December 2016

Thursday 16 February 2017

 

17.05

The Australian Prudential Regulation Authority (APRA) today released its Quarterly General Insurance Performance Statistics publication for the December quarter 2016. This is the first edition containing the expanded investment and capital adequacy statistics, as outlined by APRA in the Response to submissions – Consultation on publication of general insurance statistics.

The Quarterly General Insurance Performance Statistics publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios. The publication also includes detailed statistics at a class of business level, a breakdown of operating income and expenses, and more granular solvency information.

Key performance statistics for the general insurance industry in the year ended 31 December 2016:

  December 2015 December 2016 Change
Net earned premium $31.3 billion $30.8 billion -1.5%
Net incurred claims $20.9 billion $19.8 billion -5.1%
Underwriting result $2.2 billion $3.0 billion +34.8%
Investment income $2.2 billion $2.8 billion +24.8%
Net profit after tax $2.4 billion $2.9 billion +22.7%

Key ratios for the general insurance industry in the year ended 31 December 2016:

  December 2015 December 2016 Change
Net loss ratio 67% 64% -3pp
Return on net assets 8.7% 10.5% +1.8pp
Prescribed capital amount coverage ratio 1.73x 1.81x +0.08x

Refer to the December 2016 Quarterly General Insurance Performance Statistics publication.

Statistics

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Contact Ben McLean, APRA Media Unit, on +61 2 9210 3024

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For more information contact APRA on 1300 558 849.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.