Calliden has reported its first net profit as a general insurer.

The group's gross written premium (GWP) for last year was $124 million, bringing the company a net profit of $1.3 million, compared with the previous year's GWP of $51.8 million and net loss of $2.4 million.

Investments such as Calliden's acquisition of Australian Unity's general insurance businesses and 50% stake in Interruption Underwriting Agencies contributed to the 140% increase on the previous year's GWP.

Calliden CEO Nick Kirk says long-term business is performing well and as a result the company is now assessed on its own claims patterns rather than the industry norms.

But he says Calliden has been "bucketed by the weather" on short-tail business, with storm damage affecting the insurer's bottom line.

"We have experienced abnormal weather events and investment market volatility [and] at the same time the commercial intermediated market prices have continued to soften," he said.

Mr Kirk is confident Calliden will start to maximise its value within the next two to three years.