TAL tips AMP out of life insurer top spot

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TAL has just wrestled the mantle from AMP/AXA to claim the top spot as Australia’s biggest life insurer after steady growth over the past few years.

Independent researcher DEXX&R has just released the life analysis report based on data for the year ending December 2013, and the results reveal a 12% increase in total risk in-force business over the past year.

Among the top five companies, Tal experienced the largest increase of all. Its 21% rise from December 2012 was enough to topple AMP/AXA’s long-standing reign by less than just 1%.

TAL Group CEO Jim Minto told Wealth Professional that the results prove putting the customer at the centre of the business is a successful strategy.

“We are deeply honoured that TAL is now the largest life insurer in Australia as measured by in-force premiums in December 2013,” he said. “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.”

The results have also see AIA Australia take the fifth spot of market share for total risk business in-force annual premiums.

It experienced the second largest increase of the top five companies, up 17% from December 2012.

In another huge jump, the DEXX&R statistics show that the total in-force group business has increased by 20% to $4.3 billion at December 2013, up from $3.6 billion in the previous year.

In this section, TAL recorded a 32% increase – the second largest of the top five behind MLC’s 38% jump.

Minto said the 150-year history of the company has seen life insurance solutions that are constantly evolving with its customers.

“We have adopted a multi-distribution channel model to bring life solutions to more people as their preferences to engage have changed and evolved,” he said. “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.”
 
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