Commonwealth Bank recorded insurance income of $416 million for the half-year to December 31, up 8% on the corresponding period in 2013.

It says the result would have been much stronger but for the Brisbane hailstorm in November.

The growth reflects a rise in average premium of 6% to $3.23 billion, driven by new business sales, improved lapse rates across CommInsure and improved pricing in CommInsure Wholesale Life.

Commonwealth’s general insurance income fell 36% in the half compared with the corresponding period in 2013, mainly due to the storm. It dropped 45% compared with the first half of last year.

Premium – including retail life, wholesale life and general insurance – for the December half grew 5% to $2.38 billion.

New Zealand insurance income was $NZ119 million ($109 million), up 23% on the corresponding period in 2013, and IFS Asia insurance income was $21 million, up 17%.

Commonwealth Bank’s half-year net profit was $4.62 billion, up 8%.