Commonwealth Bank’s pre-tax insurance income grew 12% to $1.03 billion in the year to June 30, as the general and life divisions improved their results.

Insurance premium income gained 11% to $2.6 billion, investment revenue increased 22% to $547 million and claims, commissions and other insurance expenses grew 13% to $2.12 billion.

General insurance income increased on higher premiums and strong sales through bank branches, the bank says.

Fewer disaster claims were offset by deterioration in other claims.

The group says insurance income on a cash basis – which removes one-off items – grew 11% to $819 million due to an average 8% premium growth across the life and general insurance operations, with falling lapse rates and a 3% gain from the lower Australian dollar.

CommInsure reported a 6% rise in cash income to $575 million, while New Zealand operations gained 18% to $202 million and IFS Asia grew 20% to $36 million.

The Australian wealth management arm’s general insurance premiums totalled $657 million at June 30, with $168 million gained from new business and lapses of $109 million.

Commonwealth Bank group reported a record profit of $8.63 billion, up 13%.