Leading rural insurer, FMG has taken a hammering from a run of severe weather events and earthquakes in the past year.
But it has still emerged with the fourth strongest financial result in its 109-year history.
The New Zealand owned insurer recorded an after tax profit of $17.5 million.
That almost halved the previous year's record profit of $31.3 million.
FMG chief executive Chris Black said the biggest impact came from the Canterbury wind storms in September and October last year.
"And that cost about 16-17 million, which is really the difference between those two. And for the first time, quite a lot of irrigator claims. We had about 260 of those, so that cost about 7 or 8 million of that 17.
"But there were another eight storms on top of that last year and three series of earthquakes as well, so, it was a tough year in terms of weather and also the geological side."