State Insurance, the newly acquired NZ arm of NRMA, has recorded an after-tax profit of $NZ31.3 million on net premiums of $NZ344.2 million. Better underwriting results and investment returns helped to push the profit up over last year’s figure. NRMA bought the company, NZ’s largest personal lines insurer with 20% of the market, for $NZ404 million earlier this month.