Life insurer Tower Australia has recorded a 10% increase in inforce premium for the June quarter due to strong growth in its group risk portfolio.

Group risk premium climbed 21% to $465 million during the quarter, while individual life and income protection premium increased 3% to $577.4 million.

Tower’s total inforce premium for risk insurance reached $1.04 billion.

The addition of new income protection benefits for 700,000 members of the Australian Super superannuation fund was reflected in group risk new business results which climbed 207% to $85.7 million.

Life and income protection new business contributed $41.6 million, a 14% improvement over the March quarter.