AMI profit up 14 per cent in 'best year ever'

By KEVIN TAYLOR

Domestic insurer AMI made a $17.3 million net profit in a year the company rates as its best yet.

The Christchurch mutual company said that while competitors were closing branches and servicing customers through call centres, it intended maintaining its 68-strong branch network.

AMI's result in the year to June showed net profit up 14 per cent from $15.2 million to $17.3 million.

The result was achieved on premium income of $174.4 million - up from $169.8 million the year before. The cost of claims rose only 1 per cent to $117.1 million.

Chief executive John Balmforth said the result continued the trend in the last few years of AMI's steadily improving market share. He said one of the key decisions the company had made was to stick with its 68 branches and 27 agencies so it still had face-to-face contact with customers.

The new financial year looked steady, despite events like the terrorist attacks in the US. "AMI does not write business outside New Zealand and has not been affected directly."