Commonwealth Bank’s insurance arm CommInsure has recorded premium growth of 1.1% during the first three months of 2011.

The bank says the natural catastrophes that hit Australia and NZ during January have affected its general insurance business, but won’t harm the group’s overall profit.

“Although general insurance operating margins were impacted by claims associated with storms and flooding throughout Queensland, NSW and Victoria, the impact is not material to group profits,” CEO Ralph Norris said.

“All insurance segments remain solidly profitable including the general [insurance] business.”

The bank declined to provide insuranceNEWS.com.au with any further details of how CommInsure performed during the quarter.