Mortgage Choice says inforce premium grew 21.1% in the first half to $26.6 million, as the financial planning business expanded.

Financial planning funds under advice increased 49.9% to $634.2 million and net profit for the division grew to $174,000 from $35,000 in the previous corresponding period.

CEO John Flavell says the group is meeting a larger proportion of customer wealth needs as mortgage brokers provided access to professional financial advice.

“The growth in both funds under advice and premium inforce is a testament to the strength of our financial planning proposition,” he said.

Mortgage Choice’s overall net profit was flat at $11.4 million, while on a cash basis earnings gained 7% to $12.5 million.