Growing life and premium funding opportunities have contributed to an 83% increase in Macquarie Banking and Financial Services Group half-year profit to $137 million.

Macquarie’s upbeat prognosis is due to “improved market conditions, general business growth and increasing client numbers”.

The company has announced a number of new initiatives during the half, including an expansion in the business activities of its premium funding operation.

It has further expanded its premium funding business in the UK, Canada and Ireland by signing a five-year agreement with Aon to service international small business clients.

“Challenges posed by the global financial situation meant we’ve needed disciplined procedures and processes,” Macquarie Premium Funding CEO Gary Seymour told insuranceNEWS.com.au.

“While it’s not an easy environment I’m happy the business model is standing up and brokers are responding with their support.

“The bank has developed a real appreciation of the premium funding business as an asset class and invested not just here in Australia but also internationally.”

Mr Seymour plans a new platform of benefits and services to broker clients in the new year. “I think the wider banking services we offer to the broking community are a key differentiator,” he said. 

Macquarie Life increased premiums in force 141% during the half year.