Premium funding and wealth management group Centrepoint Alliance made about $3 million in pre-tax earnings for the September quarter, according to MD Tony Robinson.

The company has about $300 million in the market in premium funding loans, and “premium funding is generating sound returns”, he told the company’s annual general meeting last Thursday. Premium funding net profit doubled in 2011/12 to $1.64 million.

Mr Robinson did not give profit guidance but says Centrepoint Alliance is tracking as planned.

Its recent performance has been dogged by claims against advisers at its Professional Investment Services (PIS) business, costing $11 million in 2011/12. An actuarial review will be held on the likely claims experience for the six months to December.

A deal for Aviva to exit Centrepoint Alliance’s share register by swapping its 7.6% stake for Centrepoint’s Singapore financial planning assets is awaiting approval from Singapore regulators and is expected to be completed by Christmas.

Centrepoint Alliance is also awaiting approval from the Australian Securities and Investments Commission (ASIC) for the enforceable undertakings the regulator demanded following the claims against PIS.

The undertakings were developed by Centrepoint Alliance and ASIC-appointed independent adviser Ernst & Young.