Australia's general insurance net profit rise 34.4% YoY

The industry earned a total of $1.51b.

The Australian Prudential Regulation Authority (APRA) recorded a 34.4% growth in the net profit generated by the country’s general insurance industry for the full fiscal year (FY2022) ended 31 December 2022.

Its Quarterly General Insurance Performance Statistics revealed that the industry earned AU$2.3b ($1.51b) compared to AU$1.7b ($1.12b) from the previous year (FY2021).

The report also showed a 9.2% increase in the industry’s gross earned premium to AU$62.8b ($41.3b) from AU$57.5 ($37.8b) in FY2021.

According to APRA, the increase was due to stronger underwriting results caused by the increasing gross earned premiums across all business classes.

However, the report also said that the industry recorded a AU$1.7b ($1.12b) loss in its investment income. The loss is due to unrealised losses on interest-bearing investments due to bond yield increases throughout the year.