Premium income up 21%, claims payments up 16% and underlying profit after tax up 12% year on year
Australia¹s leading life insurance specialist TAL today announced it has ended the financial year (1 April 2014 31 March 2015) with solid growth while showing a substantial increase in life and disability claims payouts.
Financial results released by TAL¹s Japanese parent, Dai-ichi Life, reflect that TAL¹s premium income was up 21% to $2,234.9 million, claims payments up 16% to $1,030.0 million and underlying profit after tax rose 12% to $146.6 million.
TAL Group CEO, Brett Clark said: ³We have been able to grow the business consistently in each of the four years of full ownership by Dai-ichi Life. We attribute this success to an unwavering focus on our core business and customers, and a strong partnership focus with our business partners².
³Considerable change is impacting life insurance markets. A vibrant and sustainable life insurance industry depends on the ability of all stakeholders to produce sustainable performance and financial results on an on-going basis. At the same time I see simultaneous rising life insurance payouts as a strong signal life insurance is doing what it should helping Australians when they need us most ² he said.
TAL is now the number one insurer in terms of market share and Annualised Premium Income (API). Paying more than $1,030.0 million over the financial year, TAL paid an average of $4.1 million each working day to customers.
³Our products and services have been well-received in the market and we are now insuring one in four Australians. We paid out a billion dollars in claim payments last year, with the majority of payouts going to those unable to work or affected by illness in some way.
³Most of our claims payments now go to help people get back on their feet, meet their ongoing obligations and achieve their future aspirations despite illness or injury² Mr Clark said.
Net profit after tax for the year was $131.5 million. Net profit after tax includes policy valuation adjustments owing to changes in interest rates. Underlying profit after tax of $146.6 million, removes the impact of this valuation adjustment, other investment income related movements and amortisation of intangibles.
In force premiums increased by 5% to $2,255 million, while TAL¹s embedded value grew by 32% to $2,584 million over the financial year.
Source: TAL
