Westpac has reported its BT Life Insurance business delivered a $72 million profit in its 1H 2021 results.
The result, for the six months to 31 March 2021, appears to have been built from two critically important factors, being:
- Lower claims experience
- Higher retention rates for in-force policies
While the profit number in 1H 2021 represents an increase of $10 million over the results reported in 2H 2020, the bank appears to remain committed to offloading its insurance arm. This is made evident in a summary provided by Westpac which outlines the present status of its BT Life Insurance brand whose retention, according to the summary, remains ‘Under Consideration’.
The BT life insurance business forms part of Westpac’s Specialist Businesses Division, with the bank having previously stated that it is not the natural long-term owner of the businesses residing in this division.