CommInsure premiums grew 4.9% in the three months ending March 31, according to the Commonwealth Bank’s trading update.

Commonwealth Bank Group CEO Ian Narev says the focus of the insurance and wealth management division remains on “profitable growth, productivity and preparing for regulatory and legislative change”.

He says the bank is proceeding cautiously with its business divisions in light of the tough economic conditions.

“Consistent with the uncertain outlook indicated at the bank’s half-year results in February, we have retained our conservative business settings, including tight expense control, a conservative funding profile and strong provisioning levels,” he said.

“Trading income was broadly in line with the first half and expenses continued to be well managed, notwithstanding continuing strategic investment in the business.”