Insular Life new premiums up 178%

MANILA, Philippines - Insular Life continues to post record-breaking results in 2013,  will new business premiums for the first quarter surging to P2.4 billion for a growth of 178 percent over the same period in 2012. 

New policies sold likewise increased by a hefty 48 percent.

Insular Life chairman and chief executive officer, Vicente Ayllon said: “For 2013 our battle cry in sales is ‘Breaking Barriers’ because we are determined to set new records in our sales performance.  We had a remarkable start in January alone by posting a 758 percent increase in new business premiums.  This was followed by a record-breaking February production of over P1.1 billion in new business premiums, a first in our company’s history.  March was also very good with a 43 percent growth over last year.  With a highly energized sales force, innovative products, and a very conducive market environment, I am confident Insular Life will keep breaking production barriers throughout 2013.”

Complimenting the company’s first quarter sales performance are equally impressive results as of year-end 2012.  At the annual members’ meeting held recently, Ayllon reported that the company’s consolidated net income reached P3.2 billion, an 11- percent increase over the previous year. Consolidated total revenues was up by 16 percent to P18 billion from P15.6 billion, on the back of higher insurance and operating revenues.

A total of P8.7 billion in policyholder benefits, claims and maturities were released to individual and group policyholders, up by 35 percent from the previous year.

Consolidated assets and members’ equity also saw a significant increase of 11 percent to P90 billion and P23 billion, respectively.  The company’s assets and members’ equity are also among the highest in the industry.

Insular Life has also complied with and easily passed all the annual requirements of the Insurance Commission, the regulatory body of life insurance companies in the Philippines, in terms of margin of solvency, capital investment, reserve investment, minimum statutory net worth and risk based capital ratio.