Commonwealth Bank has forecast little change to its business environment this fiscal year, with competition expected to remain strong.

“We believe the underlying conditions… will be similar to those we have experienced in the recently completed year,” Chairman David Turner says in the annual report.

“Competition will remain strong in all our businesses, both from traditional financial services competitors and new technology-enabled business models.”

The bank earned $1.03 billion from insurance business in the year to June 30, up 8% thanks to premium growth and lower claims.

The entire Commonwealth group increased profit by 8% to $7.68 billion.

The insurance business reported an 11% rise in premiums to $2.53 billion. Claims and policyholder liability expense also increased 11%, to $1.58 billion.