BT Life inforce premium grew 12% to $927 million in the six months to March 31.

New business sales were up 8% to $93 million for the half, but this was offset by a 14% rise in lapses to $58 million.

Life insurance cash earnings grew 10% to $88 million.

BT Financial Group CEO Brad Cooper says the life insurance business settled more than 3000 claims last year and paid customers more than $275 million.

“Life insurance remains a topic of interest and I am incredibly proud of our genuine ‘customer-first’ culture, which has allowed us to stand out in the market,” he said.

“We were the first retail insurer to extend the life expectancy time provision for terminal illness conditions, from 12 months to 24 months.”

Mr Cooper says despite heightened regulatory oversight and compliance, advisers are still attracted to BT’s licensing solutions.

“Having access to high-quality advice has never been more important and we are proud to be helping ensure more Australians can prepare for their best financial future,” he said.