Cocolife's 1st yr premiums breach P1-B mark

MANILA, Philippines - United Coconut Planters Life Assurance Corp., popularly known as Cocolife, ranked as the second highest producer in the traditional life insurance business among 33 listed companies last year, according to a listing released by the Insurance Commission.

According to Cocolife, it brought in P1.087 billion in first year premiums, the only company other than Philam Life to have breached the one billion mark in the category.

Cocolife president Alfredo Tumacder Jr. said in a statement over the weekend that the company’s Healthcare business also exceeded its premium goals with the introduction of new products and enhanced services for their clients and partners.

Tumacder attributed the strong performance of the company last year to continued efforts to expand the market reach of its Individual business line, with the creation of branch sites in major malls and growth areas nationwide.

Cocolife’s Traditional Life Insurance products focus primarily on providing for the protection needs of the client.

“They are simpler and generally more affordable than most wealth management products yet offer highest value for money. More importantly, they are virtually immune to market fluctuations, which make them a safe and guaranteed investment in these uncertain times,” Tumacder said.

The company’s strong performance in this business line is a reflection of its renewed efforts to get back to basics which involves designing and selling products in such a way that the customer will have confidence that what they are buying is right for them.