CommInsure has reported gross insurance income of $725 million for the year to June 30, up 1% on the previous year.

Net income was $575 million after volume expenses of $150 million were removed.

CommInsure’s total operating income was $707 million, up 7%. This delivered a 15% rise in net profit before tax to $393 million, while net profit after tax was up 17% to $374 million.

The division says weaker claims experiences led to a drop in income from the retail life market, but group life has benefitted from improved pricing.

New business annual inforce premiums for retail life were $195 million for the year, but this was offset by $175 million of lapses. Total annual inforce premiums for the retail life business were $895 million at June 30, up $20 million on the previous year.

Group life recorded new business of $137 million, with $72 million of lost accounts. Group life annual inforce premiums were $757 million at June 30, up $65 million.

Insurance income from Commonwealth Life in Indonesia grew 20% to $36 million, driven by higher renewals and lower acquisition costs.

Commonwealth Bank owns an 80% stake in the Indonesian life business.

Inforce premiums increased 12% to 2.4 trillion rupiah ($220 million) and retention remained at 89%.