TAL has reported a 25% increase in net profit to $93 million for the year ending March 31.

Inforce premiums at the Dai-ichi Life-owned insurer were up 15% to $1.4 billion, while new business was up 27% to $204 million.

Inforce premium income was equally split between individuals and groups, at $696 million for each segment.

New business annual premiums were $139 million for group and $190 million for individual life insurance sales.

MD Jim Minto says TAL delivered a good result despite a difficult business environment.

“Transforming its business to meet emerging customer and stakeholder needs has been behind TAL’s growth in recent times,” he said.

“The drive towards simplification continues and is producing good benefits for all stakeholders.”

While premium income grew during the year, benefits and claims also were up 24% at $1.09 billion.

The insurer also faced a bigger reinsurance bill, up 42% to $215 million.

Dai-ichi Life is forecasting a tough year for its Australian business. The giant Japanese insurer predicts TAL’s pre-tax profit will be down 42% to $100 million, despite revenue being forecast to grow 48% to $2.09 billion in the year ending March 31 next year.

Dai-ichi also forecasts that net income will drop 23% to $70 million.

Meanwhile, TAL has appointed Darren Wickham as Head of Product Development and Pricing, Group Life.

He joins TAL from Mercer, where he was a partner of the Retirement, Risk and Finance consulting practice as well as leader of the Public Sector consulting practice.