CommInsure’s general insurance operations recorded a 6% rise in gross written premium to $735 million for the year to June 30, while insurance income fell slightly to $502 million from $503 million the previous year.

“General insurance income experienced strong growth as a result of significantly lower weather event [claims] and a 6% increase in… premium due to higher renewals, partly offset by lower new business sales,” the company says.

CommInsure’s general insurance operation generated $148 million in new sales, down from $155 million, while lapses fell to $106 million from $199 million.

Commonwealth Bank’s overall insurance income, including CommInsure, increased to $795 million from $792 million, while net insurance operating income fell to $1.006 billion from $1.014 billion the previous year.                             

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