While the mainstream insurers are reaping healthy profits, the Commonwealth Bank’s insurance arm is being branded a bit of a disappointment. While the bank posted a 50% surge in half-year profits to $1.8 billion, profits for the insurance operation were static.

General insurance contributed operating earnings of $30 million, compared with $41 million in the half-year to June 30.

The bank is blaming storm claims on the eastern seaboard, with the life insurance division’s result offsetting the general insurance decline.

Peter Beck, the head of the bank’s general insurance division, is being replaced by Simon Swanson, who had been at CBA’s New Zealand insurance arm Sovereign.