Promina, the Australian insurer that was spun off from Royal and SunAlliance, has reported a maiden first half net profit of A$108.5m (£44.1m) due to solid underwriting and significant growth in its specialty businesses.
The company declared an interim dividend of A$0.035 (£0.014) for the six month period to June.
No comparative figures are available for Promina because it only became a public company in May. The listing is the largest Australian initial public offering so far this year.
The company said it was in a sound position to deliver on its prospectus forecasts, which included a 2003 net profit estimate of A$188m (£76.5m).
"In the absence of further catastrophes and assuming continued favourable claims conditions, we expect to produce a full year result which approximates the bottom end of our preferred range," it said.
The company said it expected to grow its share of the direct general insurance market in Australia but premium increases, while expected, would be significantly slower than the increases seen over the last 12 months.
