CommInsure says annual inforce premium declined slightly to $1.773 billion in the year to June 30, compared with $1.774 billion the previous year.

Insurance income was flat at $502 million, with higher claims offsetting the re-pricing of group life contracts.

Retail life insurance income also fell due to claims, but it benefitted from lower lapse rates, which totalled $243 million.

CommInsure’s operating expenses were up 6% to $339 million for the year.

This delivered an after-tax profit of $274 million, down 13%.

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