Jim Minto
Australia’s largest life insurer TAL has finished the financial year maintaining profit levels amid record claims payouts.
Financial results released by TAL’s Japanese parent, Dai-ichi Life, show net profit after tax (NPAT) was down 1% to $90 million for the 12 months to 31 March 2014, compared to an NPAT of $91 million the year before.
There was an increase in underlying profit by 6% to $131 million while premium and other revenue rose 24% to $2.3 billion.
Total claims for the period paid rose 38% to $885 million.
TAL Group CEO Jim Minto said: “In each year of the three years of full ownership by Dai-ichi Life, TAL has grown its underlying profit in what has been a very successful growth period for the company in a market that is going through significant change.
“Our specialisation in life insurance with a team focussed on our core business including operational risk management and strong business partnerships are behind our good results again this year.”
Mr Minto said TAL was proud to have delivered record claims payments to help families and individuals in times of need as well as providing peace of mind in protecting what people have created in life and what they dream of for the future.
As a company with a 150-year history providing financial protection, TAL has grown to become Australia’s largest life insurer by market share over this past year
Mr Minto said: “We are paying more claims than ever delivering tremendous social purpose for the people of Australia. We have maintained our profit levels through effective risk management and long term planning as we look to the decades ahead.
“Long term sustainability is critical for the life insurance industry and that is why we work closely with our business partners to help ensure benefits are affordable and sustainable for our customers well into the future so we are there for them when they need us.”
New business for the year grew 128% to $728 million while TAL’s embedded value grew by $195 million to $1.957 billion in the period.
