BT Financial Group has reported $540 million life insurance inforce premiums for the six months ending March 31.

This compared to $469 million in the corresponding period last year.

New sales were up 47% to $75 million, compared to $51 million. Lapses for the six months ending March 31 this year were $34 million, up $3 million.

General insurance gross written premium (GWP) was $170 million, compared to $156 million.

GWP in lenders’ mortgage insurance was up 23% to $32 million compared to $26 million.

Loss ratios in life insurance were steady at 30%, while general insurance loss ratios fell to 99% compared to 118% in the previous corresponding period.

The loss ratio for lenders’ mortgage insurance rose from 12% to 30%.

Westpac Group CEO Gail Kelly says “derisking” lenders’ mortgage insurance has affected BT Financial Group, with cash earnings down 19% to $294 million.