The Bank of Queensland intends to double the size of its recently acquired St Andrew’s insurance business within the next three to four years.

Speaking at the bank’s annual results meeting, MD David Liddy says plans to grow the business include improving the sales productivity of existing corporate partners, developing complimentary product lines and acquiring new distribution partnerships.

Currently the bulk of St Andrew’s business is mortgage protection insurance (48%) and life insurance (23%).

The average premium for the mortgage protection business is $5000 while for life insurance it is $1000, Mr Liddy says.

“The acquisition of St Andrew’s demonstrates we are serious about delivering on our strategy of acquiring high margin, low capital businesses,” he said.

“While the business hasn’t made a material contribution to this year’s results, we are pleased with the business momentum that has been maintained and enhanced through the purchase process.”