BT Life says inforce premium grew 11% to $1.03 billion in the six months to March 31.

New business sales were up 31% to $122 million, while lapses increased 12% to $65 million compared with the previous corresponding period.

Life insurance cash earnings declined 11% to $78 million.

CEO Brad Cooper calls the life business a “standout”, despite the decline in cash earnings.

“Its high-quality product [and] its intense focus on our customer gives us better retention and materially lower lapse rates than our competitors,” he said.

Westpac-owned BT Financial Group made cash earnings of $397 million, down 11%, due partly to Cyclone Debbie, which had a $37 million impact on general insurance income.

Its overall insurance business cash earnings fell 27% to $119 million.