Ruralco says its insurance operations performed well in the year to September 30, helping to offset weakness in its financial services division.

Financial services gross profit fell 5% to $14.5 million in the year due to a shift towards off-balance-sheet products.

“This impact on finance earnings was somewhat mitigated by a 22% lift in insurance activity gross profit,” Ruralco said.

The company is an authorised representative of NAS Insurance Brokers which is wholly owned by CGU Insurance.

Ruralco’s overall net profit grew to $10.6 million from $5.7 million as livestock and real estate profits drove its agency business. Sales revenue increased 21% to $1.36 billion.