The Association of Financial Advisers (AFA) and Plan For Life have named TAL the 2014 life insurance company of the year.

CommInsure and BT Financial Group were runners-up for the award.

AFA CEO Brad Fox says TAL has led the market in a number of areas, including initiatives to produce efficiency gains for advisers and their businesses.

“TAL was well deserving of the award,” he said. “The award recognises the insurer that has shown exceptional performance across all judging criteria, including an important element that reflects upon the sustainability of their product and services.”

TAL also won the trauma category, while Zurich took the service quality award and AMP the term and total and permanent disability award for its Elevate product.

OnePath was income protection winner, and the risk product innovation award went to BT Financial Group for its keyperson income protection.

Macquarie Life won all three client service team categories: underwriting team, claims team and business support.

Challenger took all three annuity and income stream awards, including overall annuity provider, long-term income stream, and annuity and income stream innovation.