The general insurance business' overall underwriting profit grew to $2.034 billion in the nine-month period ending September, up on the $860 million figure recorded in the same period last year.

The Office of the Commissioner of Insurance said the rise was mainly attributable to the general improvement in the claims experience recorded in the industry.

The period also saw gross premiums dip 0.4% to $18.026 billion from a year earlier. Net premiums grew 0.5% to $12.856 billion due to a marginally higher retention rate.