Macquarie Life has increased its inforce life insurance book by 23%, although the group has released no specific trading figures in its financial-year report.

The life business is part of Macquarie Banking and Financial Services – a division that also includes funds management, platform mortgages and business banking.

The division earned $373 million in fees and commissions in the year to March 31, down 7% on the previous year, driven by the sale of some businesses.

Divisional net operating income was $1.2 billion, up 2%, while net profit was $260 million, up 7%.  

Macquarie says it expects the life business to continuing growing.