Wholly New Zealand-owned fire and general insurer AMI Insurance has posted a record $37.1 million net surplus after tax.
That is an improvement from the 2005 June year net surplus of $33.9 million, which was also a record.
The mutual company, owned by policy-holders, today reported increased totalassets to $408.7m from $368.6m, with equity up 16 per cent to $267m.
Initiatives taken through the year, along with the impact of the worst snowstorm in 40 years, saw AMI's underwriting surplus reduce from $22m to $17m.
AMI chief executive John Balmforth said investment income rose by $9m to $37m, underpinning the year's result.
The big Canterbury and South Canterbury snowstorm in June highlighted the value of AMI's branch network, he said.
"Our staff in Ashburton, Hornby, Rangiora and Timaru, together with colleagues from across the country, were on the ground immediately dealing with claims.
"Their effort was well supported by our 24/7 call centres and head office staff. This event generated over 3800 claims, an AMI record for such an event," Mr Balmforth said.
AMI's solvency margin, an insurance industry-accepted indicator of financial strength, at 108.9 per cent was the highest in the New Zealand industry.
During the year a new branch was opened in Chartwell, Hamilton, while six branches were relocated to larger premises, including AMI's Hastings branch which moved to a landmark art deco building.
AMI also rebranded itself, with a new logo that was a big departure from the traditionally austere branding approach of the insurance sector, Mr Balmforth said.
"Since launching the new branding we have seen a significant growth in both customer and policy numbers."
AMI wrote its first policy in Dunedin in 1926 and this year was celebrating its 80th birthday with a national network of 70 local branches and two call centres employing 725 staff.
