New Zealand-based specialty insurer CBL Corporation posted a 13.5% fall in net profit to $NZ30.7 million ($28.77 million) last year, hit by one-off expenses and currency headwinds.

It says other key metrics indicate the business is on track, and plans are in place to consolidate growth in Australia and other key markets.

“We have always regarded underwriting profit as a key metric, and to maintain a strong result while successfully integrating several new businesses is a tribute to our disciplined underwriting practices and operational nous,” MD Peter Harris said.

“Our main focus for [this year] will be on extracting additional value and profit from growing organic revenues and consolidating our position.”

CBL achieved underwriting profit of $NZ62.95 million ($58.92 million) last year, up from $NZ43.42 million ($40.7 million) in 2015.

Gross written premium (GWP) grew 32.6% to $NZ321.7 million ($301.52 million) and operating profit was up 27.2% to a record $NZ76.2 million ($71.43 million).

The combined operating ratio improved to 77.2% from 79.7%.

France’s share of overall GWP shrank to 46% from 56% as CBL continued to diversify to other European economies, and Australasia accounted for 18%, up from 12% in 2015.

Sydney-based Assetinsure, which CBL acquired in September 2015, made a net profit of $NZ4 million ($3.75 million) and earned GWP of $NZ46.1 million ($43.21 million).