New Zealand-based global specialist insurer CBL has reported gross written premium for the six months to June 30 of $NZ204.5 million ($187.11 million), up 28.7% on the corresponding period last year.

Revenue increased 35% to $NZ206.2 million ($188.66 million), while underlying profit after tax was up 1.8% to $NZ23.6 million ($21.59 million).

However, as flagged last week, operating profit fell 36% to $NZ22.4 million ($20.5 million) due to a decision to increase reserves against future claim forecasts by $NZ16.5 million ($15.1 million). The combined operating ratio worsened to 89.4% from 77%.

“Strategies to drive growth both at home and abroad performed, evidenced by the operating result recorded by the group,” CEO Peter Harris said.

“While it was disappointing that our performance was tainted by the requirement to take an adjustment covering up to a 20-year span all in the half-year, the board took the prudent decision to do so based on independent actuarial advice.

“Moreover, it strengthens the company against unexpected claim activity.”