Commonwealth Bank says insurance premium growth has been “subdued” in the first quarter.

Momentum in direct life and general insurance was offset by a weaker performance in wholesale risk and retail advice, according to a trading update.

The bank would not give further details. In the previous corresponding period, premiums grew 4.9%.

Its total cash earnings were $1.9 billion in the three months to March 31, up from $1.75 billion in the first quarter of last year.

The Commonwealth Bank offers life and general insurance through its CommInsure division.