Comminsure has been forced to write down $34 million from its life portfolio as a result of widening credit spreads.

In its March quarterly trading update, the Commonwealth Bank of Australia also flagged a 5.7% increase in Comminsure’s in-force premiums from new life business across personal and wholesale lines.

Despite the impact of weather-related claims, new business helped Comminsure’s general insurance division to deliver a slight increase in revenue.