TAL’s half-year net profit grew to $71 million from $29 million as higher income offset record claims payouts.

The life insurer says inforce premium increased 25% to $2.2 billion in the six months to September 30.

Premium and other income was up 25% to $1.4 billion.

Claims paid totalled $491 million in the half, up $37 million on the corresponding period last year.

Group CEO and MD Jim Minto says business conditions remain tough and the life insurer will press on with an efficiency drive.

“TAL has been focusing on the long-term sustainability of the business,” he said.

“This is all part of our overarching strategy of delivering sustainable products and services to our customers and partners.”