Financial services group Centrepoint Alliance is in the throes of transforming of its loss-making PIS financial planning business, and this has overshadowed the company's strong performance in another of its businesses - premium funding.Its finance subsidiary, Centrepoint Alliance Premium Funding (CAPF), is a specialist lender that offers companies and individuals funding for their insurance premiums. Business is sourced through insurance brokers.The business model is based on an efficient turnover of a large volume of small value, short-term loans.The market is dominated by Allianz and Macquarie Bank, which acquired Pacific Premium Funding last year.Centrepoint's premium funding business made a net profit of A$2.3 million in the year to June - up 41 per cent from a net profit of $1.6 million in the previous corresponding period.The company said, in its financial report, that it had strong growth in new clients. It benefited from the merger of Pacific Premium and Macquarie. Loan volumes increased 16 per cent to $368 million. CAPF received two limit increases from its funding partner, National Australia Bank, during the 2012/13 financial year.