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Member, Beacon International Group, Ltd.
Data from the Australian Prudential Regulation Authority revealed that the nation's general insurance industry's net profit declined 42% year over year to 2.2 billion Australia dollars ($1.6 billion) in the year ended March 31, 2016.
Lower investment income led to the decline, reports Asia Insurance Review. Net earned premium decreased 4.5% to AUD 30.3 billion as a result of primary insurers ceding more premium to reinsurers. The industry reported an underwriting profit of AUD 2.9 billion, up from AUD 1.6 billion in the previous year.