Malayan Insurance tops non-life sector

Malayan Insurance has again emerged as the leading non-life insurer in the Philippines, based on figures submitted to the Insurance Commission by the country’s 108 non-life insurance companies.

For 30 consecutive years, Malayan Insurance has been consistently ranked the No. 1 company in terms of gross premiums. This year, Malayan also led the industry in the premiums earned category.

Based on the financial reports with the Insurance Commission, the Yuchengco-owned insurance company posted gross premiums of P2.54 million, as well as P862 million in premiums earned in 2001. In the previous year, Malayan Insurance was the only non-life insurance company to break the P2-billion mark in gross premiums, despite the lingering effects of the Asian financial crisis in 2000.

"This is quite a record of success for our company," said Adelita V. Vergel de Dios, chairman of Malayan Insurance Co., Inc.

"Tribute goes to our clients who remain loyal to us and to our hard-working intermediaries. Our sincere gratitude goes out to our agents, brokers, officers and employees who continuously support us. Malayan’s commitment to provide service excellence to our customers, and to immediately settle just and valid claims, has provided us the competitive edge to consolidate our leadership in the market."

Despite the economic downturn and the effects of the terrorist attacks in the US, Malayan Insurance has managed to maintain its leadership with a net income of P172 million. The company also recently increased its paid-up capital from P400 million to P525 million, making it the biggest non-life insurer in the country.

Malayan Insurance Co. Inc. has a network of 35 branches and service offices nationwide, and representative offices in Xiamen, China and Tokyo, Japan. It was founded in 1930 by Don Enrique T. Yuchengco, and is the core company of the Malayan Group of Insurance Companies. It is a proud member of the Yuchengco Group of Companies.