TAL recorded 11% growth in ordinary revenue to $3.5 billion in the year to March 31, according to results issued by parent Dai-ichi Life Holdings.

The Australian life insurer’s premium for the year grew 8% to $3.2 billion.

Individual new business annual premium was up 4% to $148 million. But group life sales plummeted to $5 million from $332 million the previous year.

Revenue was also lifted by a 684% rise in investment income to $243 million.

Claims were up 14% to $2.2 billion for the year.

Dai-ichi Executive Officer Toshiaki Sumino says income protection claims remained unfavourable in light of the economic environment.

“However, there was a reasonable improvement in profitability of retail life insurance products towards the end of the fiscal year,” he said.

TAL’s total liabilities at March 31 were $4.88 billion, compared with the previous year’s $4.89 billion.

Reinsurance revenue declined to $131 million from $148 million.

The cost of reinsurance for TAL fell to $290 million from $332 million the previous year.

The insurer recorded a 38% rise in ordinary profit to $211 million for the year.

Its total assets were up 134% to $7.1 billion at March 31.

Dai-ichi forecasts a 185% rise in TAL’s ordinary revenue to $3.7 billion for the 2018 financial year, offset by a 31% decline in forecast ordinary profit to $180 million.

Mr Sumino gave no reason for this decline.