CommInsure’s general insurance business has reported annual gross written premium of $650 million for the six months to December 31, up 9% on the corresponding period in 2012.

New business sales in the half-year totalled $88 million, up from $77 million. But lapses also grew, to $36 million from $26 million.

CommInsure says it achieved strong home and content sales through bank outlets, although this was offset by higher claims.

The life insurance business recorded inforce premium of $3 billion, up 12% on new business sales and falling lapse rates. However, a rise in claims affected results.

“Claims experience was consistent and benefitted from claims management initiatives including faster claims processing and enhanced customer support,” parent Commonwealth Bank said.

Retail life inforce premium grew 4% to $887 million, with lapses at $91 million. New business sales for the six months totalled $103 million.

Group life annual inforce premium was $736 million, with lapses of $40 million and new business sales of $84 million.

Average inforce premium grew 2% to $2219.

Insurance income in New Zealand increased 14% to $87 million in the half-year to December 31.

Commonwealth also recorded growing life sales in its Asian business. International Financial Services Asia reported life income of $18 million, up 29%.

This was driven by strong growth at Commonwealth Life in Indonesia, where premiums gained 11% and retention rates improved to 88%. BoCommLife in China also grew, with total premium income up 220% on increased new business.