Promina has announced a $458 million net profit for 2004, a 53.7% improvement on 2003. Its general insurance division recorded a net after-tax profit of $322 million, up 31% on 2003.

Vero recorded an insurance result of $105 million, while the direct general insurance division – AAMI, Australian Pensioners, Shannons and AA in New Zealand – returned $197 million on gross written premium of $1.5 billion.

The financial services division returned a profit of $132 million, a 71% improvement on 2003.

Attributing the result to “excellent operational performance and above average investment returns” CEO Mike Wilkins says Promina’s results reflect the success of its strategy to optimise its differentiated position as a focused insurance and financial services organisation.

With a return on capital of 17.6%, Promina now plans to return $200-$250 million to shareholders.

Mr Wilkins says Promina will sharpen its strategy further this year. He expects gross written premium in general insurance to grow a further 3-5%, and the financial services division to grow up to 10% of new business.