The domestic life insurance industry saw solid increases in premiums and reached record asset levels in 2009, the Canadian Life and Health Insurance Association said Tuesday.

CLHIA said that by the end of 2009, industry assets had rebounded by 15.5% to a record high of $474.9 billion. Moreover, total premiums and premium equivalents (for all lines of business) rose 3.7% during the year to $79.1 billion.

The industry’s biggest business lines grew fastest during the year. The annuity business was strongest, with premiums rising 4.7% year over year, to $36.4 billion. CLHIA also reports that premiums for supplementary health and disability insurance products rose 3.4% to almost $27.6 billion, and life insurance premiums increased 1.6% to more than $15.1 billion.