Despite paying close to $1 billion in claims in 2014, TAL has reported an increase in its full-year profit posting a net profit after tax of $131.5 million for the year ending 31 March 2015.
In a statement issued by the Japanese Dai-ichi Life-owned company, TAL reported a net profit after tax of $131.5 million for the year, up from $90 million in the previous year.
The growth on the previous year comes after the company payed out $1,030 million throughout 2014, up 16 per cent from the previous year.
Commenting on the result, TAL Group chief executive Brett Clark said the company has been able to grow “consistently in each of the four years of full ownership by Dai-ichi Life”.
“Considerable change is impacting life insurance markets. A vibrant and sustainable life insurance industry depends on the ability of all stakeholders to produce sustainable performance and financial results on an on-going basis,” Mr Clark said.
“At the same time I see simultaneous rising life insurance payouts as a strong signal life insurance is doing what it should – helping Australians when they need us most,” he said.
TAL also reported an increase in its inforce premiums, growing five per cent to $2.255 billion, while the company’s embedded value grew by 32 per cent to $2.584 billion over the financial year.