The life industry made an after-tax profit of $360 million in the June quarter, up from $116 million a year earlier, as key products delivered higher earnings. 

A sharp rise in investment income, up to $2.12 billion from $282 million a year earlier, also contributed, according to latest Australian Prudential Regulation Authority data. 

Total incurred claims fell to $2.97 billion from $3.07 billion, while underwriting profit surged to $613 million from $393 million.

Individual disability income insurance made an underwriting profit of $117 million, extending its profitable run to six quarters.

Other risk products also delivered underwriting profits. Group disability income insurance posted a $49 million gain and individual lump sum $212 million.

But group lump sum swung to a $28 million loss from a year-earlier $72 million underwriting surplus.