An insurance firm’s turnover in terms of premiums issued and commissions earned (and broadly any source of income related to a firm’s operations) during the financial year, before subtraction of claims incurred (losses) and expenses.

In other words, it is expressed as the gross written insurance premiums, before subtraction of change in unearned premiums or reinsurers’ share of change in unearned premiums, and claims incurred, expenses, and commissions paid.