Weather-related claims and lower investment income bit into net profit at New Zealand general insurer AMI in the 12 months to June 30, driving it down 31% from the previous year, to $NZ18.5 million ($14.7 million).

Total cost of claims for the mutual company was up 9.8% to $NZ208.4 million ($166.1 million) while written premiums rose by 8.5% to $NZ302.2 million ($240.8 million).

The claims figure reflects a number of adverse weather events, including 15 minutes of hail at Ashburton on the South Island in November last year which resulted in just under $NZ4 million ($3.2 million) in damage.

Investment income came in at $NZ27.2 million ($21.7 million).