Zurich Australia General Insurance has reported a record half-year business operating profit of $99 million, aided by a benign catastrophe environment.

The first-half earnings include commercial, global corporate and New Zealand business.

Asia-Pacific General Insurance CEO Stuart Spencer says the division achieved a combined operating ratio of 92% and was an important contributor to Zurich’s regional and global position.

The insurer says devaluation of the Australian dollar contributed to a decline in reported gross written premium (GWP) in US dollar terms, with underlying flat to marginally lower premium results expected in the soft market.

“The business is well capitalised and has a full investment agenda on the table – further evidence that Zurich is strongly committed to the Australian market,” Mr Spencer said.

“We believe there are significant growth opportunities in Asia-Pacific and in Australia, and we are investing further in this market.”

Earlier this month Zurich Insurance Group posted an overall net profit of $US2.11 billion ($2.26 billion) for the first half, up 14% on the corresponding period last year.

General insurance GWP and policy fees grew 1% to $US19.96 billion ($21.42 billion).