5 Largest Insurance Companies from Australia- According to Annual Report of Insurance Companies in 2021, there are 5 Largest Insurance Companies from Australia. These companies have huge market in several country and in Australia. All these insurance companies come from Australia.
Commonly, Australia is one of the largest sovereign nations with 7.6 km2 of wide area. With population around 25 million people, the country has become a highly developed country with 59 thousand US Dollar GDP per capital in 2021. In financial industries, Insurance still becomes the major parts in supporting to economic in Australia. Some people or institution still rely on insurance companies to protect their assets from unexpected risks. Some unexpected risk including natural disasters, traffic accidents can deteriorate the sustainability of their business in future. With insurance companies, many people or institutions can do the business more comfortable because if the unpredictable risk happen, the insurance companies will claim it. Overall, it can reduce more money that company has sacrifices to cope the risk.
In Australia, there are 5 Largest Insurance Companies from Australia. All this data was obtained from Annual Report of insurance companies in 2021. All this insurance companies have many costumers inside and outside of Australia region. Here is the rank of 5 Largest Insurance Companies from Australia.
The Rank of Largest Insurance Companies from Australia Based on Assets
| Rank | Name of Company | Assets | Liabilities |
|---|---|---|---|
| US Dollar | US Dollar | ||
| 1 | Suncorp | 106 Billion US Dollar | 93.5 Billion US Dollar |
| 2 | QBE Insurance | 49 Billion US Dollar | 40.4 Billion US Dollar |
| 3 | Insurance Australia Group | 34 Billion US Dollar | 27.5 Billion US Dollar |
| 4 | Medibank | 4.5 Billion US Dollar | 2.6 Billion US Dollar |
| 5 | Steadfast Group | 2.98 Billion US Dollar | 1.71 Billion US Dollar |
| Source : Annual Report, 2021 | |||
The rank above was arranged based on Assets of Insurance Company. All of these data were obtained from Balance sheet of Annual Report in 2021. Balance sheets describe the condition of Assets, Liabilities, and equities of companies in specific time. Theoretically, assets are the tangible and intangible properties that company has owned. Meanwhile, Labilities is the debt or obligations that companies must be paid off in the future.
The Rank of Largest Insurance Companies from Australia Based on Net Income
| Rank | Name of Company | Revenue | Net Income |
|---|---|---|---|
| US Dollar | US Dollar | ||
| 1 | QBE Insurance | 17 Billion US Dollar | 527 Million US Dollar |
| 2 | Suncorp | 16.1 Billion US Dollar | 483 Billion US Dollar |
| 3 | Insurance Australia Group | 12.9 Billion US Dollar | 424 Million US Dollar |
| 4 | Medibank | 7.1 Billion US Dollar | 393 Million US Dollar |
| 5 | Steadfast Group | 751 Million US Dollar | 165 Million US Dollar |
| Source : Annual Report, 2021 | |||
Financially, the rank above based on Net Income of insurance companies in specific time. All of these data were obtained from Income statement of Annual Report in 2021. Income statement describes the business performance of company. The net income describes the efficiency and the effectivity of company in running its business. The company is in healthy conditions if they can generate the income from time to time.
Brief Description of Largest Insurance Companies from Australia
1.Suncorp
Suncorp Group Limited is insurance companies that has primary office in Brisbane, Australia. Historically, this company was found in 1996 by the merger among Suncorp, Metway Bank, and the Queensland Industry Development Corporation (QIDC). Nowadays, this company has 13 thousand of employees. Financially, based on the balance sheet of the company, Suncorp has assets around 106 billion US Dollar with liabilities around 93.5 billion US Dollar. Based on business performance in 2021, the company can generate revenue around 16.1 billion US Dollar and Net Income around 483 billion US Dollar.
2.QBE Insurance
QBE Insurance Group Limited is general insurance and reinsurance company that was found in January 1886. Operationally, this company has primary office in Sydney, New South Wales, Australia. With more than 11 thousand of employees as of 2020, the company has become the one of the largest insurance companies in Australia. Financially, based on the balance sheet, the company has assets around 49 billion US Dollar and liabilities around 40.4 billion US Dollar. Based on the business performance in 2021, the company can generate revenue around 17 billion US Dollar with Net income around 527 million US Dollar.
3.Insurance Australia Group
Insurance Australia Group Limited (IAG) is Australian-based insurance company that has primary office in Sydney, Australia. Operationally, this company has operation in Australia and New Zealand and five countries in Asia. Nowadays, the number of employees is around 13 thousand of people. Based on the financial structure in Balance sheet of annual report 2021, Insurance Australia Group has assets around 34 billion US Dollar with liabilities around 27.5 billion US Dollar. Based on the business performance in 2021, Insurance Australia Group can generate revenue around 12.9 billion US Dollar and Net Income 424 million US Dollar.
4.Medibank
Medibank Private Limited is Australia-based insurance company that has office in Melbourne, Australia. Historically, this company was found on 1975 as part of the Health Insurance Commission. Operationally, this company has employees around 4,000 of people. Based on balance sheet of annual report in 2021, the company has assets 4.5 around billion US Dollar with Liabilities around 2.6 billion US Dollar. Based on business performance in 2021, the company generated revenue around 7.1 billion US Dollar and net income around 393 million US Dollar.
5.Steadfast Group
Stadfastast Group is Australia-based insurance company that has primary office in Sydney. Historically, Steadfast Group was established in 1996 and has become the largest general insurance broker network and the largest underwriting agency group in Australia. Operationally, Steadfast Group has four business streams focused on servicing general insurance clients including Steadfast Broker Network, Unison Steadfast, Steadfast Underwriting agencies, and Complementary businesses (supporting the Steadfast Network and Steadfast Underwriting Agencies). Financially, based on the financial structure, Steadfast Group has assets around 2.98 billion US Dollar and liabilities around 1.71 billion US Dollar. Based on the business performance in 2021, the company can generate revenue around 751 million US Dollar and net income around 165 million US Dollar.
Bibliography of 5 Largest Insurance Companies from Australia
Suncorp. 2022. Annual Report 2021. Accessed via https://www.suncorpgroup.com.au/investors/reports on May 8th, 2023.
QBE Insurance. 2022. Annual Rport 2021. Accessed via https://www.qbe.com/investor-relations/reports-presentations on May 8th, 2023.
Insurance Australia Group. 2022. Annual Report 2021. Accessed via https://www.iag.com.au/results-and-reports on May 8th, 2023.
Medibank. 2022. Annual Report 2021. Accessed via https://www.medibank.com.au/about/investor-centre/results-reports/annual-reports/ on May 8th, 2023.
Steadfast Group. 2022. Annual Report 2021. Accessed via https://investor.steadfast.com.au/investor-centre/ on May 8th, 2023.
