Ann: Annual Report to shareholders , page-2

This is a great result for Calliden. This year has seen profits increase to over $6M, record dividend and SP increase from around 27c to 36c. It remains off most people's radar but is really well run with the directors having an old-fashioned approach to insurance - do the mathematical analysis, take the best opportunities and limit the riskiest. It has managed to limit the builder's insurance that punished it last year and is establishing a low-risk, high-volume approach of on-selling much if its insurance.
But they also make clever money from things like vintage car insurance and (until recently) fare / fete insurance. It will be interesting to see how they continue to grow the business in the next few years but management appears to understand insurance at the ground level and should position the company nicely for steady growth.

Tyremen