Major life insurer loses director

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Life insurer TAL has announced the resignation of Elana Rubin from the TAL Board of Directors, effective immediately. Rubin has been a TAL director since 2007 and has been the chair of the Investment Committee and a member of the Technology and Innovation Committee.

TAL chair Rob Thomas said Rubin had been “an outstanding director for TAL and made a tremendous contribution during a period of major evolution and growth for TAL".

During Rubin’s tenure, TAL has doubled in size to approximately $1.55 billion of life premiums. The insurer also saw the introduction of new cornerstone shareholder Dai-ichi Life in 2008, with Dai-ichi Life moving to being 100% shareholder in May 2011.

TAL had no further comment on the resignation of Rubin, but managing director Jim Minto said he had been happy with the company's growth over the past year. Plan For Life's latest life insurance market report showed TAL move from fourth largest to second largest life insurer in Australia, growing by 17.8%.

However, Minto said that the difference in revenue size between fourth and second was minimal, and "lumpiness" within revenue streams in life insurance meant these positions can move around.

AMP Group is the largest insurer with 15.3% market share, and although BT/Westpac Group is only eighth, the company's risk premium inflows grew by 21.4% over the past year.

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