Wesfarmers Insurance is still going for growth, with Group CEO Richard Goyder describing the economic environment as “likely to benefit well-capitalised businesses such as ours”.

Speaking at last week’s AGM, Mr Goyder said the conglomerate’s insurance division – made up of Lumley General, Wesfarmers Federation Insurance, Lumley NZ, OAMPS and Crombie Lockwood – has made progress on important initiatives.

The division produced before-tax earnings of $131.6 million last financial year on revenue of $1.64 billion.

“We’ll be actively exploring growth opportunities,” Mr Goyder said.

The positive outlook follows a more sombre assessment in Wesfarmers’ annual report, which noted unexpectedly high weather-related claims and large property and motor losses.

Mr Goyder says Wesfarmers Insurance’s distribution network is continuing to grow “and we’re seeing improved conversion rates from referrals”.

Lumley NZ, which is undergoing a restructuring after the apparent failure of an aggressive sales strategy, is delivering “positive outcomes”, he said.  
 
Insurance division CEO Rob Scott told insuranceNEWS.com.au that further bolt-on acquisitions in the Australian and NZ broking businesses are likely.

“But our focus remains on growth profitability,” he said. “We’re not fixated on topline growth.”