Oil Casualty Insurance, Ltd. (OCIL) announced net income of $125 million at its annual general meeting of shareholders last week.

Rick Lines, the mutual insurer's chief financial officer, said that in the year ending November 30, 2009, the company recorded net underwriting income of $18 million and net investment gains of $116 million, which were the main contributors to the company's net income for the year of $125 million.

Jerry Rivers, chief operating officer, said the company grew its book of business by welcoming five new policyholders and three new shareholders.

Further, in its newly established reinsurance business, OCIL wrote three assumed treaty reinsurance programmes.

Shareholders approved an amendment to the shareholders' agreement authorising the company to write other lines of insurance subject to approval by the board of directors for any new product line.

President and CEO Robert Stauffer said OCIL's underwriting and investment operations delivered strong results in what continued to be an extremely tough global economy, and in addition, the company experienced one of its best years in growth.

In a board meeting after the AGM, Gregory LaSalle and Jim Lyness were elected as chairman and deputy chairman respectively.