The Australian Prudential Regulation Authority (APRA) today released the Quarterly General Insurance Performance Statistics publication for the March 2015 quarter.
The 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 March 2015 was $31.8 billion, up 2.4 per cent from the previous year ($31.0 billion). Net incurred claims for the industry in the year ended 31 March 2015 were $22.0 billion, up 19.7 per cent from the previous year ($18.4 billion). The industry underwriting result in the year ended 31 March 2015 was a profit of $1.6 billion, compared to a $4.7 billion profit for the previous year.
Total industry net profit after tax in the year ended 31 March 2015 was $3.8 billion, down from $4.7 billion in the previous year. The total assets for the industry were $116.3 billion as at 31 March 2015, an increase of $4.7 billion (4.3 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 March 2015, down from 1.90 times in the previous year.
Refer to the March 2015 Quarterly General Insurance Performance Statistics publication.