ANZ-owned OnePath has reported a 3% rise in inforce premium to $2.2 billion for the year to September 30.

The strongest performer in OnePath’s book was group life, with annual inforce premium up 18% to $423 million.

Group life new business totalled $74 million and lapses were $11 million.

Individual life annual inforce premium for the year was $1.2 billion, up 9% on the previous year.

New business sales totalled $238 million and lapses $132 million.

Combined group and individual lapse rates have been falling for the past four years, and moved to 13.3% in the year to September 30 from 14.7% the previous year.

Profit in the insurance business was up 7% to $153 million.