US-based business property insurer FM Global recorded a 32% rise in net profit to $US1.02 billion ($1.13 billion) last year.

Its gross written premium increased 2.7% to $US5.6 billion ($6.2 billion), with a combined operating ratio of 77.7%.

Chairman and CEO Shivan Subramaniam says 2013 was a “very successful year” that reinforced the quality of the company’s mutual business model and its balance sheet strength.

The policyholder surplus grew 22.9% to $US9.7 billion ($10.7 billion) and clients would collectively receive an estimated $US435 million ($481 million) in membership credit on policies renewed between June 30 last year and June 29 this year.

The client retention rate rose by about 1% to 95%.