Premiums in all segments of the life industry grew last year, according to latest figures from the Australian Prudential Regulation Authority.

Gross premiums for individual lump sum increased to $5.9 billion from $5.4 billion in 2013, but this was offset by a rise in claims to $2.5 billion from $2.3 billion.

The segment’s after-tax net profit was $849 million last year, up from $392 million.

Gross premiums for income protection grew to $2.6 million from $2.4 million.

Claims increased to $1.3 billion from $1.1 billion, and other costs resulted in the segment recording a $527 million after-tax loss, compared with a $6 million profit in 2013.

Group life’s push to improve pricing has paid off, with gross premiums rising to $5.6 billion from $4.2 billion.

Claims increased to $3.5 billion from $3.2 billion.

The segment also turned around its profitability, recording an after-tax profit of $98 million last year compared with a loss of $495 million in 2013.