TAL's half-year profit dented by rise In Claims
Australia's second-largest life insurer TAL, have given out a slide in half-yearly profit but hopes price rises to contribute to a better show this half.
Regardless of revenue growth, TAL is not resistant to the challenges facing the life insurance industry, having slashed more than halved its net profit in the six months to end of September.
Chief executive of TAL , Jim Minto group said the reporting season had revealed a higher than expected level of claims and policy lapses, saying that a period of adjustment would be required by the life insurance industry.
Its primary profit also fell from $70 million last year to $46 million at the end of September 2013, which Jim Minto the TAL group’s chief executive officer blamed to negative claims experience.
TAL's Japanese parent, Dai-ichi Life, pointed an improvement in TAL's net income this half but expects its 2014 result to be less than the earlier year's.
It said , ''We expect claims experience in the second half of the year to benefit from management initiatives, and therefore forecast TAL to record $70 million net income in the current fiscal year, while it recognised $29 million net income in the first half of the year.''
New Zealand News
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