Commonwealth Bank of Australia Ltd (ASX:CBA) has reported a rise in funds under management and administration, and insurance premiums in the December quarter.

Funds under Administration at 31 December 2010 were $199 billion, up 2.0 percent for the quarter driven by strong investment market returns.

Net flows for the quarter were positive $1.1 billion driven by property and internationally sourced net flows offset by outflows from wholesale short term cash mandates, CBA said.

FirstChoice Funds under administration were $48 billion, up 3.8 per cent including positive net flows of $603 million for the quarter.

Funds under management at 31 December 2010 were $153 billion, up 1.4 percent for the quarter driven by flows into global equities and strong investment market returns offset by outflows from short term cash mandates.

CBA said insurance premiums were up 1.8 per cent in the quarter at $1.6 billion because of solid growth across all lines.