KEY POINTS:
AMI Insurance has posted a slight decline in earnings, despite a jump in claims costs.
The country's largest New Zealand-owned fire and general insurer has posted a net profit of $26.9 million for the year ended June 30, down from last year's $28.4 million.
Claims costs for the year increased by 12.9 per cent to $189.9 million due to expenditure rises in the housing portfolio.
A number of localised storms, floods and land slips in Auckland, Wellington and North Canterbury, in particular, caused substantial damage. Premium income grew a healthy 5.5 per cent.
The insurer's investment portfolio returned a growth of 34.2 per cent.
AMI is a mutual owned by policyholders.
