AMP wealth protection earnings slumped last year as life insurance claims and policy lapses remained above the long-term average.

The division’s operating earnings dropped to $64 million, from $190 million in 2012.

Claims experience losses grew to $49 million from $14 million, and losses from policy lapses increased to $33 million from $29 million.

AMP says it has reviewed its life business and new initiatives will improve its performance.

“We’re already seeing the benefit of working more closely with our customers to help them get back to work after illness or injury, improving the financial outcome for our customers and AMP,” CEO Craig Meller said.

“We’re also investing in new systems and data analytics that will improve claims management performance over the medium and long term.”

Operating earnings in the wealth management business grew to $330 million from $285 million.

AMP’s overall net profit declined to $672 million from $689 million.

Meanwhile, the company has released an app that gives customers access to banking, super, insurance and investments, and helps with retirement planning.

“As an industry we have to make it easy for customers to keep on top of how their retirement savings are tracking,” Chief Customer Officer Paul Sainsbury said.

“The AMP app does that by combining all of a customer’s banking, super, investment and insurance arrangements into one.”