APRA releases Quarterly General Insurance Performance Statistics for September 2014
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The Australian Prudential Regulation Authority (APRA) today released the Quarterly General Insurance Performance Statistics publication for the September 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 30 September 2014 was $31.3 billion, up 2.6 per cent from the previous year ($30.5 billion). Net incurred claims for the industry in the year ended 30 September 2014 were $19.3 billion, up 5.8 per cent from the previous year ($18.2 billion). The industry underwriting result in the year ended 30 September 2014 was a profit of $4.0 billion, down 6.1 per cent from the previous year ($4.3 billion).
Total industry net profit after tax in the year ended 30 September 2014 was $4.7 billion, unchanged from the previous year. The total assets for the industry were $112.6 billion as at 30 September 2014, unchanged from the previous year.
The prescribed capital amount coverage ratio for the industry was 1.85 times the prescribed capital amount as at 30 September 2014, up from 1.82 times in the previous year.
Refer to the September 2014 Quarterly General Insurance Performance Statistics publication.
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.