New chair for TAL board

Rob Thomas AM, the Chair of Australia’s largest life insurer TAL, retires from the TAL Board at the end of August.

Current TAL director Duncan Boyle, who joined the Board in May this year, has been appointed new Chair.

Mr Thomas, who has been Chair since joining the Board in August 2007, when TAL was known as TOWER Australia, said the time was right for him to retire from the role.

“I am very proud of the growth and results achieved at TAL over the past seven years along with the strong customer culture that has developed,” Mr Thomas said.

“In that time TAL has become the largest life insurer in Australia and it has been recognised with many awards for its products, services and performance.  It has been an honour to serve as Chair of the TAL Board.”

Highlights during Mr Thomas’ tenure include:

·         Dai-ichi Life becoming a cornerstone investor in the ASX listed company in 2008.

·         The company’s purchase of direct life insurer, InsuranceLine.

·         Navigating the global financial crisis and becoming a key group life insurer to major superannuation funds.

·         Negotiating and completing the sale of the balance of the company to Dai-ichi Life (concluded in May 2011) which resulted in strong returns to shareholders.

·         Developing strong corporate governance and helping cultivate a strong company culture with a focus on customers.

Mr Boyle, an experienced non-executive director, served as the CEO of the UK operations of Royal and Sun Alliance Insurance (RSA) from 2002 to 2006, following over 30 years’ experience in the insurance industry in Australia, New Zealand and the UK.

Mr Boyle said: “I am delighted to take on the role of Chair and look forward to helping TAL continue to build on its very strong foundations.  The Board and management would like to express our deep gratitude to Mr Thomas.”

TAL Group CEO, Jim Minto, welcomed Duncan Boyle to the Chair role and thanked Mr Thomas for his leadership though a period of very high change for the company.  “We were very fortunate to have Rob Thomas as our Chair through this period.”

“Rob deftly helped TAL become part of one of the largest life insurance groups of the world and with Duncan on board, TAL is set to continue to strengthen its role as part of the wider Dai-ichi Life group, while enhancing the financial protection of Australians,” Mr Minto said.