The top 10 Australian non-life insurers produced insurance services revenue of nearly $46 billion in their latest annual results, up 11.1%, an AM Best analysis shows.

All the companies recorded revenue growth, with five achieving two consecutive years of double-digit gains.

Combined operating ratios ranged from 87.1% to 99.5%, compared with 81.1% to 102.1% in the prior period, the ratings agency says.

“The non-life industry reported improved profitability in FY2025, buoyed by several factors including higher premium rates, strong investment returns and a relatively benign natural catastrophe environment compared to previous record-breaking years,” the report says.

The analysis shows Suncorp’s AAI Limited grew annual insurance service revenue by 11.6% to $11.179 billion. Allianz Australia was up 12.4% to $6.901 billion, placing it second, and QBE Insurance Australia increased by 3.8% to $6.891 billion.

IAG’s Insurance Australia Limited grew revenue by 7.9% to $6.079 billion, and its Insurance Manufacturers of Australia joint venture increased 12% to $5.276 billion. IAG owns 70% of the venture and motoring club RACV 30%.

Other insurers included in the leaders table are Auto & General, Hollard, Youi, Zurich and Chubb.

Auto & General’s insurance service revenue rose 29.6% to $2.733 billion, pre-tax income rose to $439.67 million from $172.69 million, and the combined operating ratio moved to 87.1% from 95%.

The data includes filings for years ending December 31 2024 and June 30 2025.

AM Best says Australia’s insurance industry remains resilient despite an increasingly complex and interconnected risk landscape characterised by economic and geopolitical volatility, rising high-severity catastrophes, and heightened regulatory scrutiny.

The Middle East conflict introduces uncertainty and risk, with the Insurance Council of Australia’s most senior industry committee tasked with monitoring effects to ensure the industry is ready to respond, it says.

The non-life segment is the dominant force in Australia’s insurance industry, representing 58% of total revenue, AM Best says. Health insurance accounts for 25% and life 17%.

The non-life market’s insurance services revenue reached about $77.7 billion for last fiscal year, based on data from the Australian Prudential Regulation Authority.