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Westpac reports GI earnings increase

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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.