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18 May 2013
Life insurer TAL increased profit by 8% to $68 million for the six months to September 30.
The business has grown despite higher lapse rates affecting the industry, MD Jim Minto says.
TAL’s revenue rose 9% to $1.195 billion, according to its parent, Japan’s Dai-ichi Life.
Mr Minto says inforce premiums have risen from $1.39 billion to $1.52 billion since March and new business premiums grew from $123 million in the first half to $196 million in the March to September period.
He says although TAL has seen the higher claims and lapses reported by other insurers, the gains have outweighed the losses.
“The underlying profit and growth figures are impressive given the continuing tough business climate,” he told insuranceNEWS.com.au.
Mr Minto says consumers are becoming more aware of the need for life insurance and are prepared to research and shop around for cover.
He says TAL has experienced a period of strong growth and Dai-ichi’s ownership has given it deeper knowledge and enhanced prospects.
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