(29 January 2010 – Australia) Commonwealth Bank of Australia has said that its funds under administration rose 1.5 percent in the last quarter of 2009, to A$193 billion.The bank also said that net flows for the quarter were negative A$0.3 billion, impacted by outflows from wholesale short term cash mandates.
Retail net flows continued to be positive, with superannuation fund First Choice’s net flows improving by a further five percent to A$935 million for the quarter.
The lender’s funds under management at the 31st December 2009 were A$149 billion, up one percent, impacted by outflows from short term cash mandates.
Insurance inforce premiums fell by 5.9 percent to A$1.498 million, driven by the loss of the A$130 million Australian Super Group scheme.
CBA also reported that its retail life and general insurance attracted solid new business volumes, driving growth in inforce premiums of 2.3 percent and 3.7 percent respectively for the quarter.