ANZ has reported a 14% rise in inforce insurance premiums for the 12 months ending September this year.

Premiums topped $1.3 billion during the year, up from $1.1 billion in September 2009.

During the year ANZ took full ownership of its joint-venture business with ING and has now merged insurance and wealth management into a single unit – OnePath.

Australian insurance premiums, less reinsurance, grew by 9% to $1 billion for the 12 months.

Net claims for Australian operations also rose by 9% to $499 million and variable expenses were up 21% to $234 million.

This gave the Australian insurance operations a total net income of $343 million.

Retail insurance lapsed rates were at 12.3% for the 2010 financial year compared to 12.9% in the corresponding period last year.

In New Zealand, the bank reported a 19.4% growth in ING Life business.

Net profit after tax for the ANZ Group was up 19% to $5.02 billion for the full year ending September. Total revenue was up 10% for the year to $15.7 billion

ANZ CEO Mike Smith says the bank’s various divisions, including wealth creation, have performed well during the year.

“The life business is the number three ranked life insurance company in Australia (according to Plan For Life).”