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Westpac’s insurance revenue rises

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Westpac’s general insurance income increased to $181 million last financial year from $158 million the previous year.

Lenders’ mortgage insurance and New Zealand revenue slipped to $148 million from $166 million, while life insurance revenue grew to $286 million from $279 million, annual results show.

Westpac’s wealth management division, BT Financial, says its general insurance gross written premium fell 1% to $503 million, but home and contents premium grew 3% in the year.

Life inforce premium increased 20% to $1.28 billion.

BT estimates it maintained a 6% share of the home and contents market, while its share of the life market slipped slightly to 10%.

The year included lower weather-related insurance claims, BT says.

“We have also made important investments in digitisation and simplification across the business as we continue to meet the needs and preferences of customers and advisers,” BT CEO Brad Cooper said.