CommInsure says life insurance inforce premium for the six-months to December 31 was flat at $1.7 billion.

New business sales in the period totalled $126 million, offset by lapses of $147 million.

Income for the business fell 33% to $220 million in the half-year, driven down by a $90 million loss recognition arising from an increase in income protection claims reserves.

CommInsure says group life insurance income fell slightly, but it gives no figures. It says this was offset by winning new mandates.

Despite losses in the income protection business, CommInsure has turned itself around, making a pre-tax profit of $120 million for the six months, compared with a $105 million loss in the corresponding period of 2015.

After-tax profit for the half was $106 million, up from a $74 million loss.