ANZ’s wealth business, largely driven by its life insurer OnePath, says overall inforce premium declined 4% to $1.83 billion in the six months to March 31.

Group life insurance inforce premium fell 3% to $427 million, but individual inforce premium increased 4% to $1.17 billion.

Insurance income fell 16% to $354 million compared with the previous corresponding period, due partly to adverse disability claims experience.

Retail insurance lapse rates increased to 13.8% from 13%. New individual business totalled $65 million, with $50 million of lapses.

OnePath won $19 million in new mandates for group life business, but lost $37 million of policies. The insurance business’ cash profit fell 19% to $102 million.