NAB Wealth’s insurance earnings fell 48% to $48 million in the six months to March 31 on higher claims, increased lapses and changes to the retail insurance book profile.

Inforce premiums were $1.54 billion at March 31, up 2.9% from $1.49 billion a year earlier.

NAB’s life insurance business saw net income fall to $252 million for the half year from $388 million as claims expenses grew to $432 million from $388 million.

Premium and related revenue grew to $734 million from $691 million in the previous corresponding period, and investment revenue increased to $5.3 billion from $5.22 billion.

NAB’s net profit was up 22.8% to $2.52 billion and cash earnings rose 3.1% to $2.92 billion.

NAB Wealth, which also includes superannuation and funds management, posted net cash earnings of $253 million.