NAB Wealth has reported a 4% rise in total annual inforce premiums to $1.49 billion for the half-year ending March 31. This compared to $1.43 billion in the corresponding period last year.

Retail life inforce premiums for the latest half were $1.18 billion, up 3.3% on the corresponding six months last year. Group life premiums grew by 6.6% to $289 million.

Retail sales for the six months ending March 31 were $238 million, with $200 million of lapses. Group sales in that period were $64 million with $45 million of lapses.

NAB Wealth life insurance investments rose slightly from $67.1 million at March 31 last year to $67.4 million at March 31 this year. This was attributed to better returns from unit-linked investments.

Life insurance liabilities slightly decreased to $56.4 million at March 31 this year, compared to $56.8 million a year earlier.

Net life insurance income for the current half-year was $388 million compared to $296 million in the six months ending March 2011.

This gave NAB Wealth’s life insurance operations a $465 million pre-tax profit, compared to $346 in the corresponding period last year.