Full year profit for Tower Group was up by more than two thirds, due to a growth in new business and a drop in insurance claims.
Profit rose 67% to $55.8 million for the year to September, compared with last year's $33.4 million.
Net revenue increased 27% to $422 million, compared with last year.
The result includes further claim costs associated with last year's earthquakes of $13.6 million after tax.
Managing director Rob Flannagan said price increases in its general insurance policies helped to offset rising re-insurance costs.
He said that unfortunately the costs all go back onto the policy holders at the end of the day, but Tower is conscious of raising premiums, as consumers get more savvy about shopping for insurance.
The company will pay a final dividend of 6 cents a share.
It's share price on the NZX rose 5 cents to close at $1.95 each.
