The General Insurance Association of Singapore said its underwriting profit jumped nearly four-fold (273 per cent) last year to about $190 million.
This came as gross premium income across all classes of business increased 1.6 per cent to $2.92 billion.
The motor insurance segment contributed to the positive results due to a significant narrowing in underwriting losses. The underwriting loss shrank to $44.5 million in 2009, compared with $214 million in 2008.
GIA said this was due to higher premiums, a record number of vehicles, and an improved accident reporting framework.
But one segment, Work Injury Compensation, put a drag on the numbers due to a spike in claims.
Underwriting losses here came in at $12.3 million last year, after turning in a profit of $4.7 million in 2008.
Looking forward, GIA sees growth in segments like personal accident, health and specialty insurance. Ryan Huang