AMP has reported a 0.5% drop in total life insurance premium to $1.92 billion for the first quarter.

It says the dip is due to a 0.7% fall in individual lump sum insurance and a 1.1% decline in income protection.

Individual lump sum annual premium for the three months to March 31 totalled $1.08 billion, while income protection annual premium was $421 million.

Group life annual premium fell to $438 million from $440 million in the corresponding period last year.

CEO Craig Meller says the insurance division’s performance is in line with earnings guidance for the year.

Total life insurance cash inflows for the quarter were $443 million, compared with $413 million in the corresponding period last year.

Cash outflows fell to $197 million from $220 million.