Ruralco’s farm and general insurance gross profit grew 12% in the half-year to March 31 as premiums rose and the company increased its presence in key regions.

“The group’s targeted expansion of its team of insurance specialists within high-growth regional markets has underwritten this performance,” the company said, without giving further details.

The insurance operation is achieving consistent growth in premium written through its CGU and NAS broking partners, it says.

Ruralco will provide an update on the potential acquisition of Elders Rural Services “at the appropriate time”.

The Australian Competition and Consumer Commission is to rule on the proposed purchase on Thursday. The Elders business includes an insurance joint venture 75% owned by QBE.

Ruralco posted an overall loss of $496,000 in the six months – down from a $10 million profit in the previous corresponding period – after a writedown in the value of its 12.04% shareholding in Elders.