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APRA releases Quarterly General Insurance Performance Statistics for December 2014

Thursday 26 February 2015

 

15.05

The Australian Prudential Regulation Authority (APRA) today released the Quarterly General Insurance Performance Statistics publication for the December 2014 quarter.

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.

Net earned premium for the industry in the year ended 31 December 2014 was $31.7 billion, up 3.2 per cent from the previous year ($30.7 billion). Net incurred claims for the industry in the year ended 31 December 2014 was $20.8 billion, up 11.8 per cent from the previous year ($18.6 billion). The industry underwriting result in the year ended 31 December 2014 was a profit of $2.7 billion, compared to a $4.1 billion profit for the previous year.

Total industry net profit after tax in the year ended 31 December 2014 was $4.1 billion, down from $4.7 billion in the previous year. The total assets for the industry were $114.7 billion as at 31 December 2014, an increase of $1.9 billion (1.7 per cent) from the previous year.

The prescribed capital amount coverage ratio for the industry was 1.80 times the prescribed capital amount as at 31 December 2014, down from 1.88 times in the previous year.

Refer to the December 2014 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.