Dai-ichi Life has reported a 31.3% increase in new direct life net premium and a 27% rise in annual net premium for the year to March 31.

The preliminary figures cover all the Japanese life insurer’s operations, including TAL in Australia.

New direct life net premium totalled ¥335 billion ($3.4 billion), while annual net premium was ¥3.1 trillion ($32 billion).

The group reported a 33.5% increase in ordinary profit to ¥406 billion ($4.22 billion) for the year.

Dai-ichi Life President Koichiro Watanabe has set out new sales targets for the next three years.

He expects group inforce premium to grow by more than 9% and shareholder returns of 40% during the period.

TAL is to become part of an overseas division reporting to a new holding company Dai-ichi will create.

The Australian operation currently reports to Dai-ichi Life. The transition, subject to shareholder approval, will take place in October next year.