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• The net loss ratio for the short-tail property classes of business in the year ended 30 September 2016 was 72 per cent, down from 75 per cent in the previous year (Chart 4). The net loss ratio for the longtail classes of business in the year ended 30 September 2016 was 62 per cent, down from 76 per cent in the previous year. • The industry underwriting expense ratio in the year ended 30 September 2016 was 26 per cent, unchanged from the previous year. Total industry underwriting expenses were $7.9 billion in the year ended 30 September 2016, down 4.6 per cent from the previous year ($8.3 billion). • The industry underwriting result in the year ended 30 September 2016 was a profit of $2.6 billion, compared to a $1.1 billion profit for the previous year. The higher underwriting result was mainly related to the decrease in net incurred claims compared to the previous year. • Investment income for the industry in the year ended 30 September 2016 was $2.9 billion, down $0.5 billion from the previous year ($3.4 billion) (Chart 5). This decrease was primarily related to trust distributions from other investment income. Other investment income for the year ended 30 September 2016 was $0.6 billion, down from $1.0 billion in the previous year. $bn 8 Chart 5: Profitability 20% Chart 6: Profitability ratios 6 15% 4 10% 2 5% 0 2012 2013 2014 2015 2016 Year ended September Underwriting result Investment income 0% 2012 2013 2014 2015 2016 Year ended September Return on net assets Return on investment • Total industry net profit after tax in the year ended 30 September 2016 was $3.1 billion, up from $2.4 billion from the previous year. This represented a return on net assets of 11.2 per cent in the year ended 30 September 2016, up from 8.6 per cent in the previous year (see returns in the glossary) (Chart 6). Industry net assets were $28.0 billion as at 30 September 2016, an increase of $0.7 billion (2.7 per cent) from the previous year ($27.3 billion). • The prescribed capital amount coverage ratio for the industry was 1.73 times the prescribed capital amount as at 30 September 2016, up from 1.71 times as at 30 September 2015. The eligible capital base for the industry was $28.3 billion as at 30 September 2016, up 0.8 per cent from the previous year ($28.1 billion). The prescribed capital amount was $16.3 billion as at 30 September 2016, down 0.6 per cent from the previous year ($16.4 billion) (Chart 8). 200% 150% Chart 7: Capital coverage ratio $bn 30 Chart 8: Captal in excess of PCA/MCR 100% 20 50% 10 0% 2012 2013 2014 2015 2016 As at September 0 2012 2013 2014 2015 2016 As at September Total industry MCR/PCA Capital in excess of MCR/PCA Australian Prudential Regulation Authority 6
Key <strong>statistics</strong> Quarter end Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Year end Sep 2015 Year end Sep 2016 Total industry Net earned premium ($m) 7,607 7,752 6,984 7,889 7,926 31,636 30,552 Net incurred claims (current and prior years) ($m) 5,111 4,781 4,722 5,425 5,110 22,248 20,038 Underwriting result ($m) 447 969 359 444 826 1,092 2,599 Investment income ($m) 820 369 586 1,158 794 3,374 2,907 Net profit / loss after tax ($m) 753 768 436 907 974 2,361 3,086 Net loss ratio 67% 62% 68% 69% 64% 70% 66% Total assets ($m) 120,297 119,266 118,526 122,543 120,453 120,297 120,453 Net assets ($m) 27,311 27,620 27,554 27,773 28,038 27,311 28,038 Return on total assets a 2.5% 2.6% 1.5% 3.0% 3.2% 2.0% 2.6% Return on net assets a 11.0% 11.2% 6.3% 13.1% 14.0% 8.6% 11.2% Eligible Capital base ($m) 28,087 28,414 28,319 28,231 28,324 28,087 28,324 Prescribed capital amount coverage ratio 1.71 1.73 1.79 1.72 1.73 1.71 1.73 Direct insurers Net earned premium ($m) 7,237 7,399 6,594 7,311 7,481 30,183 28,786 Net incurred claims (current and prior years) ($m) 4,912 4,626 4,439 4,858 4,863 21,192 18,786 Underwriting result ($m) 430 886 368 548 760 1,181 2,562 Investment income ($m) 697 371 504 1,033 744 2,983 2,651 Net profit / loss after tax ($m) 661 725 420 908 918 2,359 2,971 Net loss ratio 68% 63% 67% 66% 65% 70% 65% Total assets ($m) 108,666 108,070 107,180 111,263 108,898 108,666 108,898 Net assets ($m) 24,078 24,289 24,231 24,515 24,684 24,078 24,684 Return on total assets a 2.4% 2.7% 1.6% 3.3% 3.3% 2.2% 2.7% Return on net assets a 10.9% 12.0% 6.9% 14.9% 14.9% 9.7% 12.2% Eligible Capital base ($m) 25,333 25,596 25,451 25,425 25,414 25,333 25,414 Prescribed capital amount coverage ratio 1.71 1.73 1.79 1.74 1.74 1.71 1.74 Reinsurers Net earned premium ($m) 371 353 390 578 445 1,452 1,766 Net incurred claims (current and prior years) ($m) 199 155 283 567 247 1,055 1,251 Underwriting result ($m) 17 83 -8 -104 66 -89 37 Investment income ($m) 123 -2 82 126 50 391 256 Net profit / loss after tax ($m) 92 44 16 0 56 2 115 Net loss ratio 54% 44% 72% 98% 55% 73% 71% Total assets ($m) 11,631 11,195 11,345 11,280 11,555 11,631 11,555 Net assets ($m) 3,234 3,331 3,324 3,257 3,354 3,234 3,354 Return on total assets a 3.2% 1.5% 0.6% 0.0% 2.0% 0.0% 1.0% Return on net assets a 11.5% 5.3% 1.9% -0.1% 6.8% 0.1% 3.5% Eligible Capital base ($m) 2,754 2,818 2,868 2,807 2,910 2,754 2,910 Prescribed capital amount coverage ratio 1.71 1.69 1.79 1.61 1.69 1.71 1.69 a Quarterly figures expressed as annual percentage rates. See returns in the glossary. Australian Prudential Regulation Authority 7
Page 1 and 2: statistics Quarterly General Insura
Page 3 and 4: Contents Important notice Notice 4
Page 5: Highlights Main features There were
Page 9 and 10: Table 2 Industry financial position
Page 11 and 12: Table 4 Direct insurer financial pe
Page 13 and 14: Table 6 Direct insurer key performa
Page 15 and 16: Table 8 Reinsurer financial positio
Page 17 and 18: Table 10 Premiums and claims by cla
Page 23 and 24: Table 11 Capital adequacy Quarter e
Page 25 and 26: Table 13 Gross incurred claims for
Page 27 and 28: Glossary Definitions Acquisition co
Page 29 and 30: Number of risks written is the numb
Page 31 and 32: This page is left intentionally bla

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