ANZ life insurance lapse rates ‘stable’

Reporting its first-quarter performance to the ASX, ANZ posted an unaudited cash profit of $1.85 billion, up five per cent compared to the average of the third and fourth quarters of 2014-15.

Throughout the quarter, the bank said its wealth business had benefited from “stable” life insurance lapse rates.

ANZ also reported that its income grew at a “faster rate” than expenses, adding that technology investment and wage inflation across the business was largely offset by a 2.5 per cent reduction in staff numbers.

Chief executive of ANZ Shayne Elliott said: "We have seen very good performances in our retail and small business segments. However, corporate borrowing demand remains subdued.

"Our performance in the first quarter was supported by strong expense and margin management, and further progress will be apparent in the group's financial performance during the balance of the year."