Skip to content

Australian Insurance Industries $2.8 billion Profit Last Year

  • by The Quotesonline Team

The top ten insurers in Australia account for nearly 80 per cent of the sector’s $2.8 billion in profit last year, official figures show.

At the same time, some 23 insurers operating in Australia, including offshore majors Zurich, Warren Buffet-backed General Re and online specialist Progressive Direct delivered a loss last year.

Figures released by the Australian Prudential Regulation Authority give a comprehensive snapshot on the nation’s 106 regulated insurers. They also provide financial details of separate insurance brand, as opposed to profitability at a group level.

Insurance Australia Group’s flagship general insurance arm was the most profitable operator, returning $419.8 million in the year to end June, the figures show.

This was followed by European-based reinsurance major Munich Re on $335.8 million. Allianz generated $256 million while the RACV-IAG joint venture Insurance Manufacturers Australia returned $190.7 million.

Suncorp had two brands in the top 10 – its flagship Suncorp unit with $255.6 million and GIObrand on $110.4 million.

Read more


Quotesonline Free Insurance Quotes

Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Call For Quotes