Life insurers’ combined profits grew 17% to $3 billion in the year to March 31, according to the latest Australian Prudential Regulation Authority figures.

Profit in the three months to March 31 was $723 million, up 4.8% on the first quarter of last year.

Life revenue more than doubled to $40.2 billion from $19.8 billion in the year, with $10.4 billion of investment income and $15 billion of gains.

Direct premiums were $12.6 billion for the year, up from $11.1 billion, while reinsurers paid life companies $3.1 billion, down from $3.3 billion.

Death and disability claims were $5.5 billion, up from $5 billion, while policy surrenders and terminations fell to $553 million from $590 million.

The cost of selling policies continues to hurt insurers: commissions on new business topped $1.5 billion in the year to March 31, up from $1.4 billion.

Trails also increased, with insurers paying $2.1 billion, up from $2 billion. Life insurers’ total expenses soared to $34 billion from $16.2 billion the previous year.

Life total assets at March 31 were $252.9 billion, up 2.4% on December 31.