Storms in Victoria and NSW whittled CommInsure's income down to $273 million in the second half of 2007, an increase of 2% on the previous corresponding period.

Income growth was slow despite an 11% premium increase. The company attributes this to increased claims following the NSW and Victoria storms, which offset strong sales volumes.

The Commonwealth Bank of Australia released CommInsure's results during its half-year profit announcement last week. The bank's overall net profit for the period increased 8% to $2.37 billion.

CBA's total insurance income for the six months gained 3% to $393 million. This includes the results of NZ insurer Sovereign, which contributed $120 million.