ANZ sees opportunities in life and general insurance and aims to drive returns in both sectors, according to CEO Global Wealth and Private Banking Joyce Phillips.

The bank has an industry-leading position in life insurance and a loyal customer base, she says. The division is exposed to growing markets in Australia, New Zealand and Asia.

Inforce life insurance premiums increased 4% in the year to September 30.

ANZ says returns on new business are “significantly better” than the inforce book. The marginal return on equity for life insurance in the year was 83% higher than for its inforce book.

The bank says it does not disclose return on equity for life insurance because it reveals it at a group level only.

ANZ’s group business is growing but it is “concerned” about pricing.

“We have a specific, appropriate return we want from our business,” Ms Phillips said. “There is some pricing in the market that will not deliver the appropriate return.”

The bank has 1100 aligned advisers in Australia but only 300 salaried advisers. It aims to double the latter to keep pace with its peers.

ANZ makes 65% more revenue per customer from those with wealth products than those without.

The global wealth and private banking division had an operating income of $750 million and a net profit after tax of $245 million for the six months to September 30.

Ms Phillips says the bank is on track to comply with Future of Financial Advice legislation.