|Jun 2019||Jun 2020||Sep 2020||Dec 2020||Mar 2021||Jun 2021|
|Revenue ($m) (12 month running total)|
|Gross earned premium||10,414||10,682||10,815||10,980||11,068||11,378|
|Outwards reinsurance premium||3,082||3,438||3,528||3,606||3,645||3,515|
|Net earned premium||7,332||7,244||7,287||7,375||7,424||7,863|
|Other insurance revenue & commission||1,640||721||729||738||730||736|
|Total insurance revenue||8,972||7,965||8,016||8,112||8,154||8,599|
|Total investment revenue||1,295||839||736||987||828||581|
|Other revenue & commission||27||40||39||47||68||106|
|Expenses ($m) (12 month running total)|
|Gross claims / benefits||6,052||6,511||6,621||6,531||6,413||6,844|
|Gross policy expense life||1,553||1,400||1,453||1,512||1,473||1,541|
|Gross claims expense non-life||4,498||5,111||5,168||5,019||4,939||5,303|
|Outwards reinsurance & other recoveries||1,557||1,919||1,970||1,804||1,724||1,842|
|Net claims / benefits||4,495||4,593||4,651||4,727||4,689||5,002|
|Net policy expense life||1,041||911||947||984||976||999|
|Net claims expense non-life||3,454||3,681||3,704||3,744||3,714||4,003|
|Movement in technical items||1,098||-174||-254||-107||1||-21|
|Other insurance expenses & commission||2,974||3,061||3,068||3,070||3,030||3,051|
|Total insurance expenses||8,567||7,479||7,465||7,691||7,720||8,031|
|Total investment expenses||20||20||21||24||25||28|
|Profit ($m) (12 month running total)|
|Gross loss ratio non-life (%)||56.2||60.8||61.3||59.1||57.8||60.0|
|Net loss ratio non-life (%)||58.8||60.0||60.5||60.8||60.1||62.5|
|Net combined ratio non-life (%)||93.6||96.6||97.3||97.7||96.9||97.7|
The Insurance Financial Performance statistics contains the revenue and expense of New Zealand’s insurance industry. Data is collected from the Quarterly Insurer Survey (QIS) which collects data from insurance companies with:
but excluding reinsurers with no NZ primary insurance.
The standard QIS covers 28 out of 88 insurers and reinsurers accounting for just under 90% of assets and premiums of the regulated insurance industry as a whole.
The QIS excludes reinsurers with no New Zealand primary insurance. It also does not cover the Earthquake Commission and the Accident Compensation Corporation, as these organisations have their own enabling legislation and are not supervised by the Reserve Bank.
More information regarding the regulated insurance industry can be found in the Insurers section.
Data is released approximately three months after the reference quarter.
For the initial publication released on 27 February 2018 the quarters covered are June 2016 to September 2017.
The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.
View the Statistics Release Calendar.
The Reserve Bank of New Zealand (RBNZ) is the prudential regulator and supervisor of all insurers undertaking insurance business in New Zealand (NZ), and is responsible for administering the Insurance (Prudential Supervision) Act 2010 (IPSA).
Find out more about the regular data collections from New Zealand licensed insurers.
The Reserve Bank of New Zealand publishes only aggregated data. All information collected in the insurer data returns is subject to section 135 confidentiality provisions under IPSA.
Data series are compiled using a 12-month running total.
Read the Reserve Bank of New Zealand Act 1989.
New data, or revised data, is in bold font. This applies to the summary table only and not excel files. Revisions are generally published when a table is next due to be updated and released. Should revisions need to be made more promptly, a ‘special note’ is published.
Any major changes in methodology are posted on the website as a ‘special note’.
An Excel template is completed and returned each quarter by QIS respondents. The template is accompanied by a file that specifies procedures and definitions for survey respondents.
See New Zealand Insurer Data Collections for more information.
Aggregate for all insurers that reported using life insurance methods.
Aggregate for all insurers that reported using general insurance methods.
Insurance valuation methods that are consistent with Appendix C of NZ IFRS 4, or equivalents under other accounting standards. These are either projection (long-term future cash-flows including any renewals), accumulation (past cash-flows), or a mixture. Information that is reported specifically for life insurance methods (and not general insurance methods).
Insurance valuation methods that are consistent with Appendix D of NZ IFRS 4, or equivalents under other accounting standards. These are a mixture of past and future cash-flows but without including any future renewals. Information that is reported specifically for general insurance methods (and not life insurance methods).
The earned policy or premium revenue from insurance business, gross of outwards reinsurance premium. Includes policy or administration fees. Excludes non-insurance (such as commissions for distributing another insurer’s products).
The premium for outwards reinsurance that corresponds to gross earned premium. Excludes commissions.
The gross earned premium revenue from insurance business, net of outwards reinsurance premium.
Comprises other insurance revenue and outwards reinsurance commission.
Other revenue arising from insurance business (such as management fee income on insurance investment contracts) that is not included elsewhere.
Commission earned on outwards reinsurance, whether this is fixed rate or amount, or a variable rate or amount that is dependent on experience on the outwards reinsurance policy(s).
The sum of net earned premium and other insurance revenue and commission.
Revenue earned from investment assets, gross of investment management expense, but excluding realised and unrealised gains and losses.
Revenue earned from the realised increase in value of investment assets, gross of investment management expense.
Revenue earned from the unrealised increase in value of investment assets, gross of investment management expense. Include movements in property revaluation reserves.
The sum of interest, dividends and rent, together with realised and unrealised gains and losses.
Comprises fee and commission revenue and other revenue.
Fee and commission revenue that is from insurance-related activity (such as distribution or administration of another insurer's products), as well as activities not related to insurance. Excludes fee and commission revenue from insurance business.
Other revenue not included elsewhere, such as increase in currency translation reserves and gains or losses on sale of a business (if loss record as a negative figure). Excludes revenue from insurance business.
The sum of total insurance revenue, total investment revenue and other revenue and commission.
Comprises gross policy expense and gross claims expense.
Under life insurance methods, the cost of policy related expenses, gross of outwards reinsurance and other recoveries.
Under general insurance methods, the cost of claims, gross of outwards reinsurance and other recoveries.
Under life insurance methods, the portion of gross policy expense that is met from outwards reinsuranceor payments by third parties.
Under general insurance methods, the portion of gross claims expense that is met from outwards reinsuranceor payments by third parties.
Comprises net policy expense and net claims expense.
Under life insurance methods, the cost of policy related expenses, net of outwards reinsurance and other recoveries.
Under general insurance methods, the cost of claims, net of outwards reinsurance and other recoveries.
Comprises the following by life and non-life:
Under life insurance methods, the increase since the start of the financial year in policy liabilities, net of outwards reinsurance and other recovery assets. May be gross or net of tax, consistent with the insurer’s financial statements or alternative financial information. Include deposits component of premiums and withdrawals component of benefits.
Under life insurance methods, the increase since the start of the financial year in deferred and future tax on policy liabilities. If tax is not recorded here then increase in policy liability, net of RI and increase in policyholder unvested benefit liability figures should be net of tax.
Under life insurance methods, the increase since the start of the financial year in policyholder unvested benefit liability. May be gross or net of tax, consistent with the insurer’s financial statements or alternative financial information.
Under general insurance methods, the increase since the start of the financial year in unexpired risk liability.
Under general insurance methods, the decrease since the start of the financial year in deferred acquisition cost assets (excludes outwards reinsurance commission).
Comprises initial commission, other commission, other acquisition and other insurance expenses.
For life insurance and health insurance, the cost of commissions in respect of the first year of cover.
The cost of commissions, excluding initial commission. This includes all commission in respect of general insurance.
Expenses associated with sales of insurance business, but excluding commissions. For example marketing costs and salaries of employed sales staff.
Administration and management expenses associated with insurance business that is not included elsewhere.
The sum of net claims/ benefits, movement in technical items and other insurance expenses and commission.
Expenses associated with management of investment assets (regardless of whether investments are managed internally or externally).
Expenses that are not included elsewhere, but excluding expenses associated with insurance business.
The sum of total insurance expenses, investment expenses and other expenses.
Total revenue less total expenses
Total revenue less total expenses, net of tax expense.
Gross claims expense (non-life) divided by gross earned premium (non-life).
Net claims expense (non-life) divided by net earned premium (non-life).
Total insurance expenses (non-life) divided by net earned premium (non-life).
22 September 2021
One insurer incorrectly reported a financial year end figure for March 2021 and this figure has been revised. An additional insurer has been officially added to the Quarterly Insurer Survey and their balance sheet data has been backdated to June 2020.
|0||Zero or value rounded to zero|
|light red background||Historical|