Financial services group Centrepoint Alliance has reported strong growth in earnings for its premium funding division for the second year in a row. The company is better known as a financial planner but its finance subsidiary, Centrepoint Funding, has been the jewel in the crown in recent times.Centrepoint Funding is a specialist lender offering companies and individuals finance for their insurance premiums. Business is sourced through insurance brokers.It also provides mortgage broking services.The premium funding business model is based on efficient turnover of a large volume of small value short-term loans. The market is dominated by Allianz and Macquarie Bank.Centrepoint Funding reported pre-tax profit of A$5.3 million for the year to June - an increase of 43 per cent over the previous corresponding period.According to the company's financial report, loan volume is growing at a compound rate of 15 per cent a year. The $445 million portfolio is produced a 20 per cent return on equity.Impairments and amortisation cost $200,000 in the year to June.Centrepoint Alliance said the overall premium funding market was worth $5 billion and was growing at a long-term average rate of five per cent a year.