TAL has increased its premium income by 24% to $2.3 billion, but this has been tempered by a 38% rise in claims to $885 million for the 12 months ending March 31.

New business growth was mainly driven by the group insurance market. Annual premium inflows for the year totalled $508 million, up from $108 million on the previous year’s figure.

The 368% growth was attributed to winning some large new mandates while also revising premiums for some existing contracts.

Individual new business annual premiums reported margin growth of 4%, while annual premiums rose to $219 million for the year ending March 31.

Inforce premiums for the full year were $2.1 billion, up from $1.5 billion in the corresponding 2013 period.

Again the group life segment dominated inforce premiums accounting for $1.2 billion in the year to March 31.

The insurer reported an increase in underlying profit by 6% to $131 million.

TAL Group CEO Jim Minto says since full ownership by Dai-ichi Life, the Australian insurer has grown its underlying profit in what has been a very successful growth period for the company.

“Our specialisation in life insurance with a team focused on our core business including operational risk management and strong business partnerships are behind our good results again this year,” he said.

“We have maintained our profit levels through effective risk management and long-term planning as we look to the decades ahead.”