Skip to content

Brought to you by:
Email Print

TAL makes premium gains, but income dips

TAL has recorded an 8% rise in premium income to $1.79 billion for the six months to September 30, but this has not improved the life insurer’s bottom line.

Individual new business annual premium fell 2% to $70 million, but this was offset by a 154% rise in group life new business to $160 million.

Total annual premium from inforce policies grew to $2.8 billion from $2.6 billion in the corresponding period last year. However, claims were up 11% to $1.2 billion.

Total liabilities increased 94% to $4.8 billion, while operating expenses fell 5% to $316 million.

The outcome was a 29% decline in net income to $55 million.

TAL’s parent Dai-ichi says although revenue was driven by the 8% increase in premium, unfavourable investment conditions pushed net income down.

For the year ending in March, Dai-ichi Life Holdings forecasts TAL’s ordinary revenue will be $3.7 billion, up from $3.5 billion.

But it also forecasts a $31 million decline in TAL’s ordinary profit to $180 million.

Brought to you by: Insurance Jobs Brought to you by: Brought to you by: