New Zealand-based CBL Corporation has posted an 83% rise in net profit to $NZ35.5 million ($32.8 million) for last year, bolstered by strong underwriting results and improved claims management.

Gross written premium surged 21.7% to $NZ294.2 million ($271.7 million) and the claims expense ratio improved to 35% from 40.3%.

The combined operating ratio strengthened to 79.7% from 83.4%.

“I believe the numbers speak for themselves,” MD Peter Harris said.

CBL made three acquisitions last year, including Assetinsure in Australia and UK tax investigation insurance provider Professional Fee Protection.

Mr Harris says the company remains open to new deals.

“While we will continue to drive organic growth, we will also consider opportunities to acquire businesses that further enhance or support existing businesses or provide the group with access to markets,” he said.

“The company’s growth strategy is very much built around a philosophy of working alongside established business partners. By supporting them to achieve their goals, we will in turn continue to profit through both top and bottom-line growth.

CBL listed on the New Zealand Exchange and the Australian Securities Exchange last October.