Cross-selling and fewer disasters helped Westpac Bank lift general and lenders’ mortgage insurance (LMI) net income by 33% to $112 million in the six months to March 31.

The loss ratio for general insurance improved to 45% from 61% in the previous corresponding period.

Westpac’s profit report, released this morning, shows a 15% rise in general insurance gross written premium (GWP) to $227 million.

LMI GWP fell 4% to $24 million. Westpac says the impact of reducing portfolio risk was offset by fewer claims.

LMI claims fell to $3 million from $10 million in the previous corresponding period, and the business reported a loss ratio of 10% compared with 30%.

Westpac Group increased profit by 10% to $3.62 billion.