The company incurred A$1.32 billion ($935 million) natural hazard expenses in the six months to December, largely due to nine major events across Australia and New Zealand, including severe thunderstorms, coastal lows, windstorms, and floods.
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That was far above its A$866 million allowance for the six-month period, and more than double the A$503 million it incurred last year.
Its investment income also slipped 31% to A$259 million.
($1 = 1.4120 Australian dollars)
Reporting by Sameer Manekar and Nichiket Sunil in Bengaluru; Editing by Maju Samuel