APRA releases general insurance statistics for December 2016
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.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.