Macquarie Life says inforce premiums increased 22% to $171 million in the six months to September 30.

The life business is included in Macquarie’s banking and financial services division, which reported other fee and commission income of $195 million, up 3%.

Product commissions and trading-related expenses paid to external advisers were $88 million, down 2% on the corresponding period last year.

The division’s employment expenses fell 1% to $218 million, driven by staff cuts from moves to consolidate support functions into the corporate segment.

This was partially offset by an increase in contractor staff and commissions to internal advisers.