Macquarie Life says inforce premium increased 10% to $207 million in the year to September 30.

The annuity business generated a net profit of $1.3 million for the half-year to September 30, up 38% on the corresponding period last year.

CEO Nicholas Moore says Macquarie Wealth’s enforceable undertaking on poor advice by its advisers, imposed by the Australian Securities and Investments Commission (ASIC), is “on track”.

“All clients have been contacted to ensure they have the opportunity to raise concerns,” he said. “About 189,000 letters have been sent and the client file review is progressing.”

Mr Moore says Macquarie Wealth is reviewing files based on Financial Ombudsman Service principles, involving two case managers and a panel of senior Macquarie representatives.

He says ASIC and Deloitte are overseeing the process.