The Bank of Queensland’s (BOQ) life insurance premiums remained flat in the 12 months to August 31, reaching $40.9 million compared with $40.3 million in the previous year.

This delivered a $20.1 million profit after tax, up from $17.9 million in 2010/11.

Liabilities rose to $166 million from $161.8 million.

BOQ CEO Stuart Grimshaw says life insurance income held steady amid low credit growth.

The bank is now strengthening its multi-channel distribution for a range of products, including insurance.

“We’ve reinvigorated BOQ’s business bank to incorporate agribusiness, property and corporate customers and diversified our product capability through financial markets, equipment finance, debtor finance and insurance,” he said. “This strategy, while still at early stages, is beginning to bear fruit.”

BOQ reported an overall after-tax loss of $17.1 million for the year to August 31.