AMP life insurance earnings were up 15% to $84 million for the six months ending June 30 this year, compared to $73 million in the first half of last year.

Life insurance premiums were up in the 2011 first half to $798 million compared to $530 million in the corresponding period last year.

Part of this sales growth was through independent financial planners.

These advisers now account for 13% of AMP’s individual annual life premium income.

Claims were also up for the half-year to $762 million compared to $647 million last year.

In New Zealand, individual annual premium income was up 8% to $NZ160 million ($127 million) and the lapse rate improved 0.8% to 9.3%.

AMP CEO Craig Dunn says the business continues to show resilience in its core markets, despite the volatile external environment and subdued consumer confidence.

“These results show our investment in growth during the last three years is starting to pay off,” he said. “Our focus continues to be on building a business with an even sharper competitive edge and a stronger platform for growth, underpinned by a robust capital position.

“The merger with Axa further strengthens the combined group’s capacity to accelerate its growth strategy.” 

Mr Dunn says the merger is on track and the synergies target has risen by 17% to $140 million after tax due to the removal of duplicate IT infrastructure.

But this will result in a one-off increase in the projected integrations costs to $310 million spread over three years.

Further fallout from the merger has been a decline in adviser numbers at Axa Financial Planning.

Between December 2010 and June this year, 61 advisers left the group. This compared to AMP Financial Planners that saw 40 advisers join during the six months ending June 30.

In New Zealand, 14 advisers left AMP during the six months while Axa gained one.