Calliden Group has posted a first-half net profit of $2.4 million, down from the profit of $3.6 million it reported in the first half of last year.

Calliden says it has been “substantially protected” from the very high natural catastrophe and weather-related activity in the period by its conservative reinsurance arrangements.

“Investment income was significantly reduced over the prior period due to record low interest rates on our fixed interest portfolio,” the group said.

Gross written premiums rose to $104.4 million, up 7% from the first half of last year.

Growth was still lower than Calliden’s target, which it attributes to a gradually hardening market and limited new business growth.