Suncorp Life was the star performer in the group’s half-year financials, lodging a 118% increase in net profit after tax to $133 million.

Soaring investment returns boosted Suncorp Life’s contribution to a solid group result, with 33% of Suncorp’s net profit now attributed to its wealth management business.

CEO Geoff Summerhayes’ plans to double new business between 2010 and 2013 by simplifying its business model and focusing on distribution appear to be bearing fruit, as underlying profit, a measure of the division’s core profitability, rose 15% to $69 million for the half-year.

Suncorp says it has made progress growing its intermediated and direct distribution channels, headlined by individual life risk growing new business by $51 million or 11%.

“Market adjustments” contributed $64 million, while inforce premiums grew 8% to $693 million.

Superannuation net profit after tax rose 5% to $23 million on new business sales of $187 million, while life risk profit after tax shot up 21% to $46 million.

Earlier this year, Suncorp Life merged its back-office life insurance operation with its superannuation and investment businesses.

The new Product and Service business unit now handles all back-office functions of life insurance and superannuation that is sold through both advisers and direct.

Suncorp says the business is well placed to meet regulatory changes to superannuation and life insurance, from MySuper, Superstream and the Future of Financial Advice reforms.