ANZ subsidiary OnePath recorded life insurance inforce premium of $1.61 billion in the year to September 30, little changed from $1.6 billion the previous year.

Individual inforce premium grew 2% to $1.18 billion, but group inforce premium declined 3% to $431 million.

Retail insurance lapse rates increased to 14.1% from 14%.

Overall insurance income fell 13% to $718 million, and the business made a cash profit of $206 million, down 19%.

ANZ is still looking to offload its life business after agreeing to sell OnePath’s wealth division to IOOF for $975 million. That sale is expected to close in the first half of the year to September 30 2019.