BT Life says inforce premium grew 9% to $973 million in the year to September 30.

However, new business sales growth was more sluggish, up only 2% on the previous year to $213 million.

Lapses grew 22% to $132 million. Life insurance cash earnings were down 7% to $156 million for the year.

BT says although earned premium grew 9%, this was more than offset by an increase in claims and more lapses.

Claims mounted due to payments in both death and total and permanent disability lines.