Life Insurance a Bright Spot for BTFG

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BT Financial Group (BTFG) has described its life insurance business as ‘standout’ after reporting increases in new business sales and in-force premiums, despite lapse rates also climbing.

BTFG Chief Executive Brad Cooper
BTFG Chief Executive Brad Cooper

BTFG Chief Executive, Brad Cooper said while lapse rates had climbed they were still below the market and the group’s life insurance business had seen cash earnings increase by 15% for the half year to the end of March 2017.

“Over the period our Life business was once again awarded as a standout, awarded Life company of the year for the second consecutive year and recognised by IRESS as having the highest quality Life cover,” Cooper said.

“We are exceptionally proud of our life business, its high quality product, and its intense focus on our customer gives us better retention and materially lower lapse rates than our competitors,” he said.

In-force premiums for the life insurance business increased by 6% to $1.03 billion, over the half year and by 11% since the end of March 2016. New business sales increased by 31% to $122 million for the 12 month to the end of March 2017 while lapses increased by 12% to $65 million over the same period.