APRA releases general insurance and life insurance statistics for the March 2022 quarter

The Australian Prudential Regulation Authority (APRA) has released its Quarterly General Insurance Performance Statistics, General Insurance Institution Level Statistics and Life Insurance Performance Statistics publications for the March 2022 quarter.

The general insurance industry reported a net profit after tax of $1.3 billion and return on net assets of 4.3 per cent for the year ended 31 March 2022. This result was driven by increases in gross incurred claims costs from natural catastrophe events, primarily the New South Wales and the South-east Queensland flood events.

The industry PCA coverage ratio decreased slightly during the March quarter to 1.71x, an increase compared to the ratio of 1.69x reported for the same period last year.

The life insurance industry reported a net profit of $1 billion and return on net assets of 4.0 per cent, a similar position to the prior year’s results.

The Quarterly General Insurance Institution-level Statistics publication contains individual insurer information about financial performance, financial position, capital adequacy, and key ratios. The quarterly performance statistics of insurers may be impacted by factors outside of their control, such as natural catastrophe events, as well as those driven by their internal processes, such as the timing of actuarial valuations. Users should take these factors into account when interpreting the statistics.

Copies of the March 2022 quarterly publications are available on APRA’s website at www.apra.gov.au/statistics.