TAL has overtaken AMP as the biggest life insurer in Australia, according to the latest figures from DEXX&R.
The researcher’s latest Life Analysis Report, for the period ending December 2013, revealed that TAL has now achieved the number one market share position for both in-force annual premiums (15.39%) and total new annual premium (16.56%). Contributing to TAL’s result was a 32% increase in group risk in-force business, and a 12% increase in disability income business sales of 12%.
TAL Group CEO, Jim Minto, said: “We are deeply honoured that TAL is now the largest life insurer in Australia as measured by in-force premiums in December 2013. We are honoured because life insurance delivers a tremendous social purpose and this gives us the opportunity to provide life insurance solutions to more people in Australia than any other life insurer or bank.
“TAL is a life insurance company with a proud 150-year history. We have adopted a multi-distribution channel model to bring life solutions to more people as their preferences to engage have changed and evolved. Our strategy is to put the customer at the centre of everything we do. It is why, in response to changing consumer behaviours, we provide financial protection to customers in ways of their choosing, via advisers, superannuation and directly.
“TAL, as the largest life insurer in terms of market share, aims to be the clear leader in the minds of our customers. We will take our passion for our customers and transform TAL in every sense so, through new expectations and benchmarks, Australians see us as valuable, relevant and their first choice for financial protection.”
Overall, the market reported that total risk in-force business increased by 12% to $12.2 billion. Individual risk business grew by 8% year on year, and group risk business increased by 20%. AIA Australia achieved higher than industry average growth in lump sum sales (22%) and MetLife recorded a $245 million increase in group risk in-force after it was named the new group risk insurer for industry fund, Hostplus. Disability income product sales increased by 4% year on year, but fell 13% from the previous quarter.
