The Commonwealth Bank says its insurance and wealth management business grew in the three months to September 30 this year.

Insurance premiums grew by 3%, with improved penetration of the retail bank customer base for direct life and general insurance products.

For its wealth management business, funds under administration grew 6% and funds under management grew 4%, helped by improved investment markets.

The bank released the figures as part of a brief statement advising the group’s third-quarter earnings.

Its unaudited net profit during the quarter was $1.8 billion.