Insurance group, TAL Limited has managed to defy much of the on-going market volatility to report a 14 per cent increase in underlying profit on the back of a 13 per cent increase in annual premium revenue.
The company reported a 69 per cent improvement in net profit after tax for the year to 30 September to $68.7 million.
Commenting on the result, Tower chief executive, Jim Minto said it had placed the company in a strong financial position and ready to grow its business in the Australian life insurance market.
At the same time, Minto called on the Government to make life insurance more accessible to Australians via uniform tax structure and an overhaul of state stamp duties.
“Despite the greater need for Australians to have life insurance cover in these challenging times, access is still difficult for many and it is in the best interests of both individual consumers and the wider tax-paying community that this situation be improved,” he said.
“Life insurance is not well understood and we would like to see improvements in the regulation of simplified advice, especially for people in middle Australia