Centrepoint Alliance has declined to comment on speculation its premium funding operation is under review and could be sold.

The division recorded a 22% rise in pre-tax net profit to $2.5 million for the year to June 30, but has been affected by the continuing soft market.

In May it pulled out of New Zealand, one year after announcing its expansion there.

“Centrepoint does not comment on media speculation,” the company told insuranceNEWS.com.au.

“Centrepoint will continue to maintain its policy of keeping the market fully informed in compliance with its continuous disclosure requirements.”