South Africa's top five long-term insurance companies recorded total earnings of R28.4 billion last year, according to the latest PricewaterhouseCoopers (PwC) Insurance Industry Analysis survey.

The survey, which analyses the results of the major insurers for the year ended December 31, 2014, includes the financial results of the top five players in the long-term insurance sector - Discovery, Liberty, MMI, Old Mutual, and Sanlam.

"These long-term insurers recorded combined group IFRS [International Financial Reporting Standards] earnings of R28.4bn, up 17 percent on 2013," PwC said in a statement on Monday.

The combined invested assets of the long-term insurers grew by 10.4 percent, from R1.77 trillion in 2013, to R1.95trn last year.

In its overview of the country's short-term insurers, PwC said the survey showed that the four companies considered - Mutual & Federal, OUTsurance Holdings, Santam, and Zurich Insurance Company SA - had improved their performance considerably last year, compared to 2013.

"One of the key factors contributing to the much-improved results has been the absence of major catastrophe events. The only catastrophe event of note during the 2014 year related to the earthquake felt in the Gauteng region.

"Catastrophe events of the past few years have led insurers to restructure and optimise their reinsurance arrangements."

Gross written premiums had increased by 11 percent from 2013, to R50.2bn in 2014.

"This was mainly due to insurers continuing to effect selective rate increases in order to mitigate rising insurance costs as well as to counter the effects of the previous lean years."