Managing director Jeff Greenslade said in a business update to shareholders that PGC achieved several milestones in the period to December 31.
Those included the company returning to profitability with a net profit of $10.1 million, and successfully completing the first phase of its business transformation.
That first stage included restructuring the operational and governance structures and undertaking significant capital raising.
"The company is now well positioned to take advantage of a slowly improving economy and positive signs in business and consumer confidence."
PGC was resolutely focused on creating a market-leading niche bank and a new wealth management businesses, he said.
The Automobile Association and PGC this week announced a joint-venture agreement to provide a wider range of insurance services.
The joint venture, being launched on April 1, would see the AA buying a 50% share of Marac Insurance Ltd. The decision followed the successful vehicle finance partnership established last year between the AA and PGC subsidiary Marac Finance, Mr Greenslade said.
PGC had also secured a five-year exclusivity period, creating opportunities of offering a range of financial services to AA members.
The sale of a 50% share of Marac Insurance would give PGC a one-off capital gain of $2.2 million when the full-year results were reported.
Marac had been approved under the extended Crown retail deposit scheme, the first institution to be approved for the extended scheme, he said.
