Winners of the AFA Life Company of the Year Awards 2021 announced

SYDNEY: 16 March 2022 – Announcing the AFA 2021 Life Company of the Year Awards. TAL Life has been awarded the title of AFA Life Company of the Year for 2021.  This is the fifth year in a row TAL has taken out the title.

The runners up for the Life Company of the Year were:

  • MetLife
  • NEOS Life
  • PPS Mutual

AFA President, Sam Perera, said, “The AFA congratulates TAL Life on winning the platinum award, and all the winners and finalists of individual awards, who continue to support and innovate within the life insurance sector. Most important is the ongoing role they play in providing certainty and security to millions of Australians, which has never been more important than today.”

The categories for the Awards include the overall Platinum AFA Life Company of the Year Award and individual product awards, offered in conjunction with Plan For Life, and the Client Service Team Awards with the Beddoes Institute.

The Overall and Product Life Company of the Year Awards

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, as well as innovation in product.

Rael Solomon, Regional Managing Director, Plan For Life, said, “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.”

The Client Service Team Awards

The Client Service Team Awards, which recognise outstanding underwriting, claims and BDM teams, are based on feedback from advisers surveyed through the Beddoes Institute’s Adviser Experience Benchmarking Study.

In the Client Service Team Awards, NEOS Life was announced Underwriting Team of the Year and also took out the BDM Team of the Year, whilst AIA Australia won Claims Team of the Year.

Bill Nikolovski, CEO, Beddoes Institute, said,“We have seen the smaller life insurance companies gain substantial traction in the marketplace recently, and it is clear why, when all the top performing insurers in the key touchpoints of Underwriting and Business Support were smaller companies. Congratulations to NEOS Life on taking out the Underwriting and Business Support Awards. Claims is at the heart of life insurance, and we congratulate AIA on winning the award this year.”

The full list of Winners and Runners-up are:


Category Winner Finalists
Risk Insurance Results
Overall Platinum TAL ·        MetLife

·        NEOS Life

·        PPS Mutual

Service Quality NEOS Life ·        TAL

·        AIA

Term/TPD MetLife – Protect Life Cover Plan ·        TAL – Accelerated Protection Life Insurance Plan

·        NEOS Life – Protection Life Cover Plan

Trauma NEOS Life – Protection Critical Illness Plus Cover Plan ·        TAL – Accelerated Protection Critical Illness Premier Plan

·        MLC – Insurance Critical Illness Plus Plan

·        Clearview – Life Solutions Trauma Plus Plan

Income Protection TAL – Accelerated Protection Income Protection Premier Plan ·        PPS Mutual – Professionals Choice Income Protection Insurance Plan

·        NEOS Life – Protection Income Protection Plus Plan

·        MLC – Insurance Income Protection Platinum Plan


Risk Product Innovation


PPS Mutual Profit Share arrangement with policyholders which resulted

in a doubling of profit to $2.6 million, announced in 2021

Investment Bond Results
Investment Bond AIA ·        Australian Unity

·        Futurity

Annuity and Income Stream Results
Overall Annuity Provider of the Year Challenger ·        AIA
Long Term Income Stream Challenger ·        AIA
Short Term Income Stream AIA ·        Challenger
Annuity Innovation Award AIA         Lifetime Guaranteed Income – deferred
Client Service Team Awards
Underwriting Award NEOS Life ·        ClearView

·        MetLife

·        PPS Mutual

Claims Award AIA  (incl. CMLA) ·        ClearView

·        TAL

·        Zurich (incl. OnePath)

BM/Business Support Award NEOS Life ·        ClearView

·        PPS Mutual

·        MetLife


  • Ends –

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About the AFA
The Association of Financial Advisers Limited (AFA) has been the authentic voice on the value of financial advice for over 75 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from its success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulator and government. Culturally the AFA believes in the value of collaboration to create powerful outcomes and this drives how we achieve influence and work towards our vision.


About Plan for Life

Plan for Life is the leading financial services researcher covering Managed Funds, Retirement and Life Insurance in Australia. Founded in 1988 by Simon Solomon as an actuarial consultancy, Plan for Life grew into a research house specialising in Australian managed funds and life insurance data collection and reporting. In 2019 the business was purchased by Institutional Shareholder Services (ISS), the world’s leading provider of corporate governance and responsible investment (RI) solutions for asset owners, asset managers, hedge funds and asset services providers. Plan For Life provides critical data and insight to insurance companies, distributors and asset managers to help them make informed, strategic decisions to manage and grow their business.


About the Beddoes Institute

Beddoes Institute uses data, advanced analytics and AI technologies delivered through purpose-built technology platforms to provide data-driven products and solutions that address sector-wide problems and help large institutions and small corporates succeed. Data, technology, evidence-based practice and continuous business improvement is at the core of what we do. We work with primary data from survey-based research with advisers, claims customers, policyholders, advice practices, advice clients and consumers which gives us rich information on attitudes and experiences of advisers, customers and consumers of financial services. In addition, we also work with secondary big data across entire populations such as claims data and adviser data from insurers’ CRMs and data warehouses which gives us complimentary transactional and behavioural data. We link our multiple datasets to provide an unprecedented view of the market, an insurer’s key distribution channel, advisers, and the end-customer, and work with our clients closely to understand and tailor our data and insights delivery in the format and frequency that suits each company.