Elders Insurance has achieved a big improvement in profit with earnings before tax of $13 million for the latest financial year against $1.1 million previously.

GM Tim Plant said the division had undergone internal changes in the past two years.

“Being part of a major rural and regional service company like Elders gives us the capacity to reduce costs and keep our premiums and our products competitive,” Mr Plant said.

He said the listed insurer Elders Insurance achieved an underwriting profit with a big improvement to its combined ratio. “One of our significant changes was our restructure of Elders Insurance Brokers, combined with the implementation of new systems, the appointment of a new management team and employment of product specialists with significant broking skills and experience.

“We are receiving strong support from our underwriters for our broking operation.”

The division’s premium income exceeds $365 million, making Elders Insurance one of the leading providers of insurance to rural and regional Australia through 160 branches and more than 200 agents.