AMP’s wealth protection division has recorded a net profit of $99 million for the six months to June 30, up from $91 million in the corresponding period last year.

The group’s overall profit increased to $507 million from $382 million.

CEO Craig Meller says gains in superannuation, insurance and financial advice have contributed to the improved results, but he wants to grow the wealth protection business.

“Operating earnings in our insurance business increased 9%,” he said. “The recovery of this business is on track, with much more to do.

“Our new income protection claims management process, systems and philosophies are being embedded and we will apply these learnings across other parts of our insurance business.”

Individual risk annual inforce premium grew to $1.48 billion from $1.45 billion, while profit margins improved to $96 million from $88 million.

Lapses remained positive in revenue terms at $7 million, compared with $8 million in the corresponding period last year.

The cost-to-income ratio improved to 33.3% from 35.9%.