BT Financial Group’s life business has a positive outlook, CEO Brad Cooper says.

“We are well positioned across the wealth value chain, with life insurance upside from a high-quality product suite and low-risk underwriting,” he told an analysts’ briefing last week.

“The key segment focus will be insurance, with an emphasis on life insurance [and] an increasing focus on sales of life insurance to existing customers.”

Life sales grew to $685 million last financial year from $451 million in 2010, Mr Cooper says. Market share of new life sales stood at 10.5% after several years of growth.

Salaried and aligned adviser insurance sales grew 44% from September 2010 to September last year.

Mr Cooper says life cover now represents 55% of BT’s insurance cash earnings.

Quality distribution, a lack of group insurance and robust underwriting standards are the company’s competitive strengths, he says. Lapse rates are also low, at 10.1%.

General insurance sales have grown 14% to $416 million in the four years from 2010, according to BT. Mr Cooper says the company is targeting general insurance growth through new, unnamed capabilities.