Australian general insurers’ net profit up over 35%

The Australian Prudential Regulation Authority said local general insurers’ aggregate net profit after tax grew 35% year-on-year to $2.3 billion Australian ($1.53 billion) in 2022, driven by strong underwriting results, Asia Insurance Review reported. The insurers’ aggregate gross earned premium increased by 9.2% year-on-year to AUD62.8 billion.