Commonwealth Bank inflows recover
The Commonwealth Banking Group has revealed the degree to which it is benefiting from recovering investment markets, announcing solid inflows and a pick up in in-force insurance premiums.
The banking group told the Australian Securities Exchange (ASX) today that funds under administration had risen by 8.3 per cent in the September quarter to $190 billion, while funds under management had increased 6.8 per cent to $148 billion.
It said insurance in-force premiums for the quarter had risen by 2.1 per cent to $1,592 million driven by strong new business volumes in retail life and general insurance.
However, the bank data also revealed that its wholesale life in-force premiums had declined by 2.8 per cent.
AUTHOR
Mike Taylor
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