Freedom Insurance Group is to embark on the “next exciting phase of growth”, buoyed by its performance last financial year.

The direct life insurer, which listed on the Australian Securities Exchange in December, increased net profit to $14.1 million in the year to June 30 from $3.1 million the previous year. Net revenue surged 81% to $53.5 million as new business increased 81% to $64.4 million and overall inforce premium grew 66% to $109.3 million.

Direct inforce premium totalled $81.8 million, up $37.3 million.

“It’s been the busiest year in the company’s history, but we’ve laid the groundwork for the next exciting phase of growth as we launch new products and expand our sales channels,” CEO and MD Keith Cohen said.

“The success we achieved this year, in addition to preparing the company for significant growth, reflects the hard work and dedication of the whole Freedom team.”

Freedom aims to be the No.2 player for new business in the $441 million direct life insurance market. It has expanded its product offerings since the start of this year and scaled up its direct distribution network.