TAL: Inforce Premium Exceeds $1b
TOWER Australia Group Limited (TAL) today reported its new business and inforce premium information for the quarter ended 30 June 2010.
TOWER Australia’s inforce premium exceeded the $1 billion mark for the first time during the June 2010 quarter. This reflected continued, solid individual inforce premium growth and the full inclusion of premium relating to the AustralianSuper new benefit design from the end of May 2010. Individual new business growth was flat year on year reflecting the product transition from 3 product offers down to 1 and a general market slowdown in adviser sales activity impacting on the Retail Life business.
ALI Group will cease writing individual new business of approximately $4 million per quarter with TOWER Australia from August 2010 onwards following the establishment of a new corporate arrangement by that distributor. The impact on TOWER Australia’s value of new business will be negligible. New business growth of 207% in Group Risk over the quarter mainly reflected the inclusion of the new income protection benefits to 700,000 AustralianSuper members increasing premiums by $80 million per annum.
For further information please contact: Philippa Ellis GM Investor Relations & Listed Company Secretary TOWER Australia Group Limited 02 9448 9135.
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