Commonwealth Bank of Australia (CBA) achieved a net profit after tax of $3.928 billion for the 12 months to 30 June – an increase of 16% on last year – with its insurance division profit up 32% to $125 million.

A CBA statement says CommInsure delivered a strong result for the year. The main impetus came from life and general insurance, with premiums increasing 8% for the year. The insurer experienced volume growth, particularly in general insurance (up 13%) and group risk products (up 8%).

A positive claims experience in life and general insurance products, despite the effects of Cyclone Larry in the second half of the year, also boosted the balance sheet.