Westpac reports GI earnings increase
Westpac’s general insurance business has reported $133 million in cash earnings for the half-year to March, up from $117 million in the corresponding period of 2016.
Cash earnings for general insurance grew to $43 million from $18 million.
Cash earnings in life insurance were flat at $75 million, while inforce premium increased 19%, largely through managing BT Financial Group corporate superannuation as a group insurance client.
A higher contribution from New Zealand increased total life insurance inforce premium by 24% to $1.28 billion.
Gross written premium was unchanged at $251 million.
General insurance income was up $34 million, mostly due to lower claims from seasonal weather events, while life insurance income grew by $7 million.