ANZ says total insurance annual inforce premium for the six months to March 31 was $1.8 billion, up 10% on the previous corresponding period.

Total new business was $245 million, with lapses of $174 million in the period.

Individual life annual inforce premiums reached $1 billion, an increase of 11%, with new business worth $135 million and lapses of $96 million.

Group life annual inforce premiums were $439 million, up 8%. New group sales were $29 million, with lapses of $21 million.

ANZ’s general insurance premium was $448 million in the six months, up 10% on the previous corresponding period.

New business in the half year was worth $81 million, with lapses of $57 million.

The insurance business is performing well, despite tough economic conditions, ANZ Global Wealth CEO Joyce Phillips says.

“Our presence is strong across all areas of direct, group and retail insurance, with inforce premiums growing well.

“The business continues to focus on retention and claims management activities to improve profitability.”

ANZ Global Wealth has reported a $108 million cash profit from its insurance business in the half year, up 13% from $96 million in the previous corresponding period.

The division’s insurance operating income increased 5% to $271 million and expenses fell 2% to $124 million.