Insular Life's net income up 12% to P2.9 billion in 2011

MANILA, Philippines - Largest Filipino life insurer, Insular Life, reported an all-time high consolidated net income of P2.9 billion in 2011, solidifying its position as one of the most profitable life insurance companies in the country. The 12 percent growth in net income was the result of higher premiums and sustained strong investments in 2011.   

The company also posted P15.5 billion in consolidated revenues, of which net insurance revenues contributed more than half, and the rest came from investment income, equity in net earnings of associates, and rental income from various real property holdings.  

At the recent annual members’ meeting of the company, Insular chairman of the Board and CEO Vicente R. Ayllon underscored the company’s consistent track record in the last five years. “The fact that Insular Life has been able to consistently grow its bottom line above the P2 billion mark in the past five years amid an unpredictable and economically turbulent environment is a solid proof of our determination and focus on delivering on our strategic priorities.”

Ayllon said that among the company’s priorities are developing customer-centric products as well as responsive customer service initiatives, both addressing the different needs and expectations of individuals at different life stages.

Five new products were launched in the market in 2011 – a limited-pay health insurance plan, a single-pay variable unit-linked insurance plan, a limited-pay endowment plan and a limited pay anticipated plan.

Insular Life has also invested heavily in its branded customer service program called “Magandang Araw Insular”, revolutionizing the way it connects with its stakeholders.

Through its web-based i-Eagle Customer Portal, customers may now directly access policy information and pay premiums online. Customers may also use online personal direct connectivity with i-Chat.

Ayllon also attributes the company’s growth to its increasing number of productive sales force which grew eight percent to over 2,200 licensed agents.

The agency distribution channel as well as other distribution partnerships generated new business premiums amounting to P3.6 billion, up by 12 percent, while total premiums reached P7.6 million up by four percent.