Suncorp Life has reported a 6.4% increase in total inforce premium to $1 billion for last financial year.

Total revenue for the life business was $1.7 billion, down from $2 billion the previous year.

Sales through advisers grew 3.3% to $652 million, while direct sales through Suncorp’s general insurance brands gained 14.3% to $64 million.

Group life sales were up 3.2% to $97 million.

Policy liabilities dropped 50% to $2.9 billion. Lapses totalled $15 million, up 114%. This resulted in net after-tax profit of $142 million for the financial year, up 9.7%.

“Direct inforce premium continues to show strong growth, and this represents a great opportunity for us under a new operating model,” Suncorp CFO Steve Johnston said.

“The independent financial adviser remains an important segment for our life business.

“Despite regulatory reform being postponed, the market appears to have stabilised, positioning Suncorp well to deliver stable planned margins based on our conservative experience assumptions.”

The insurer predicts its direct life operations will expand as it offers more comprehensive products to the market.