The Commonwealth Bank’s insurance division has lodged a flat growth period for the six months to December 31.

Insurance income and overall revenue growth was stagnant over the half year as CommInsure banked a reduced cash profit after tax of $171 million.

Despite an 11% increase in life premium flows and an 8% increase in general insurance premium income, insurance revenue grew just $13 million since the second half of 2009 to $340 million.

Cash profit after tax compared with the corresponding period in the previous year fell 23% to $171 million on reduced investment income, while revenue was flat at $448 million.

CommInsure has already made ex gratia payments of $8 million in Queensland flood claims.

The bank’s wealth management division, comprised mainly of CommInsure and Colonial First State, banked an underlying profit after tax increase of 12% to $329 million. The result was underpinned by solid growth in the funds management businesses and “robust margins” in the insurance business.