Perth-based conglomerate Wesfarmers has never said much about its insurance assets, which have always performed creditably. But since taking over the Lumley Group last year, its attitude has become decidedly more upbeat. Now Wesfarmers CEO Michael Chaney says the insurance division under Bob Buckley is at least partly responsibly for the group’s nine-month net profit of $719.7 million.

“Increased earnings for the nine-month results were recorded for the hardware, chemicals, fertilisers and insurance business with reduced contributions from the energy and industry safety businesses,” the company said in a statement.

Wesfarmers has boosted its June full-year net profit predictions from about $540 million to $550 million.

The company also announced that Mr Chaney will hand over the reins in July next year to CFO Richard Goyder.