ANZ’s OnePath life insurance business has reported 12% growth for inforce premiums for the six months ending March 31.

The company reported premiums of $1.38 billion for the period compared to $1.2 billion in the first half of 2010.

ANZ CEO Mike Smith says individual life was a strong performer in the 2011 first half, but general insurance took an $11 million hit due to natural disasters.

“The insurance business has performed well despite impacts in general insurance from the recent flooding, with annual inforce premiums up 5% and lapse rates improving 140 basis points,” he said.

OnePath reported a $166 million profit after tax for the period, up 11% on the corresponding period in 2010.