NZ mutual insurer AMI has posted a record profit for the 2009/10 financial year, although its results don’t take into account September’s Canterbury earthquake and the Southland snowstorm.

The effects of these events will not be felt until next financial year as they came after the June 30 reporting period.

AMI says a “relatively benign” year for weather events led to the record $NZ31 million ($24.1 million) profit for 2009/10, which was up from $NZ18.5 million ($14.3 million) on the previous year.

A 9% growth in member’s equity has also contributed to the profit bringing it up to $NZ364 million ($283.2 million) for the year.

Increased customer and policy numbers also led to a $NZ39 million ($30.3 million) jump in premiums.

CEO John Balmforth says these results were very pleasing, especially at a time when most companies are scrutinising their spending due to tougher economic conditions in NZ.

The absence of significant weather events in the reporting period has also been reflected in AMI’s cost of claims stabilising at $NZ195 million ($151.7 million), with total assets increasing to $NZ543 million ($422.3 million).

Mr Balmforth attributes the positive results to “good financial management, dedicated customer care and a strong community presence”.

He says the events of the past few months has put what AMI does into perspective and highlighted the benefits of having insurance.

“For many of our customers and staff personally affected by the Canterbury earthquake the [recent past] has been a period of immense stress,” he said.

“We are progressing well with the huge volume of customer claims and enquiries received [following the earthquake] and I can’t thank the entire team enough for their dedication and professionalism.”