TAL named AFA’s Life Company of Year

Staff Writer

Financial Newswire

17 March 2022

TAL has been named as the Association of Financial Advisers Life Company of the Year – the fifth year in a row it has taken out the title.

The awards, announced yesterday, saw TAL top the field ahead of MetLife, NEOS Life and PPS Mutual.

The overall award and product awards are based around Plan For Life’s Risk Products Benchmarking services, which benchmarks retail life insurers across five key metrics: financial strength, market share based on sales and growth over three years, product feature strength based on a review of over 90 product features and definitions, service quality and premium rate comparisons across a wide range of ages and sums assured. Sustainability of the product and its operations is also included, while Industry innovation in both of product and administration is recognised in this year’s awards.

Commenting on the awards, Plan for Life regional managing director, Rael Solomon noted that 2021 saw a return to positive new business growth (new sales and policy increases), with lump sum growing by 8.8% and income protection by 20.6% over the 12 months to 30 September.

“New life insurers who recently commenced sales have had an impact and are amongst those included in the awards. The general improvement in the life insurance market augurs well for 2022,” he said.