OnePath has reported a $31 million loss for the six months ending March 31.

This compares to $11 million profit in the corresponding period last year. On a positive note, the insurer has stemmed the level of losses – in the September 2011 half year, it recorded a $36 million loss.

Group and individual life insurance net income for the half-year to March 31 was $178 million, compared to $167 million in the corresponding period last year.

Total inforce premiums for the March half-year were $1.6 billion, with individual life insurance up 11% to $782 million. This compared to $704 million in the corresponding half-year, while group inforce premiums were $408 million compared to $462 million.

General insurance net income also declined 13% to $20 million compared to $23 million in the March 2011 half-year.

Inforce premiums for general insurance were $408 million for the latest half-year, up 9% on $376 million in the March 2011 period. 

Total insurance new business was $190 million, $92 million for individual life and $90 million for general insurance. Group new sales were just $8 million.

Policy lapses were $231 million, with group life insurance suffering the greatest loss.

Group lapses were $102 million compared to $70 million in general insurance and $59 million in individual life.

Capital resources were $2.93 billion compared to $2.89 billion a year ago.

Most of OnePath’s $1.4 billion in capital resources are in cash, with the rest invested in fixed interest.