ANZ’s Global Wealth division, including OnePath insurance, is trading in line with market conditions, the bank has announced.

In its nine-month market update, it says the division’s revenue was slightly down, without revealing any figures.

ANZ plans to release a Global Wealth strategy update in November.

CEO Mike Smith says despite the weaker economic conditions, the bank’s business performance is solid.

“We have seen continuing market share gains and some recovery in margin in the Australian division, and the benefits of productivity initiatives initiated earlier in the year are beginning to show through,” he said.

“New Zealand has also seen market share gains, particularly in retail, and costs continue to be tightly controlled.”

Mr Smith says unaudited after-tax profit for the nine months to June 30 was $4.4 billion, up 10.3%.