Westpac says general insurance gross written premium (GWP) remained flat at $245 million in the six months to March 31.

However, its lenders’ mortgage insurance (LMI) GWP jumped to $133 million in the half from $24 million in the previous corresponding period.

Cash earnings for the general insurance business grew 33% to $57 million.

There was also a significant rise – 55% – for LMI cash earnings, to $17 million for the half.

The bank says LMI business grew due to new arrangements on a loan-to-value ratio of more than 90% with Arch Capital Group.

The loss ratio for general insurance in the half was 50%, compared with 62% in the previous corresponding period. The LMI loss ratio was 10%, up from 5%.