CommInsure has reported a 20% increase in income to $330 million for the six months to December 31.

Total insurance income, including CommInsure’s New Zealand business, was up 17% to $487 million for the half.

The growth in insurance income is attributed to a 4% rise in inforce premium to $1.76 billion.

CommInsure says a drop in new business sales offset improved lapse rates. New business premium for the half was $118 million, and lapses totalled $126 million.

The stronger overall result means cash net profit after tax was $191 million, up from $163 million in the December half of 2014.