The insurer's New Zealand arm reported an insurance profit of A$220 million (NZ$242m), down from A$305m.
Rakon expects underlying earnings of between $36m and $44m.
ASB has paid its parent, Commonwealth Bank of Australia, $975 million in dividends in the year ended June and plans to pay another $400m in September.
Cigna Life Insurance has admitted to misleading more than 52,000 customers.