PNB infuses P600 M in non-life insurance unit

MANILA, Philippines - Philippine National Bank (PNB) has infused additional capital to its insurance subsidiary PNB General Insurers Co. Inc. (PNBGen), the bank told the Philippine Stock Exchange.

The bank said it directly invested P600 million to PNBGen through the subscription in the newly-issued additional capital stock.

PNB said the capital infusion would still be subject to the approval of the Bangko Sentral ng Pilipinas.

PNBGen, a non-life insurance company, started operations in 1991. Its product lines include fire, marine, motor car, surety, casualty, engineering and accident insurance.

PNBGen’s birth came with the acquisition of Charter Insurance Co. Inc. (CICO) by PNB Holdings Corp., a wholly-owned subsidiary of PNB. 

The Securities and Exchange Commission subsequently approved the change of CICO’s corporate name to PNBGen in October 1991.

After only 22 years of operations, PNB-Gen is already considered as one of the fastest growing and highly competitive insurance companies in the country. It started operations with an initial paid-up capital of P13 million.

PNBGen’s paid-up capital now stands at P312.6 million, one of the highest in the industry, assuring clients of steel-clad protection. Its net worth has increased to P1.386 billion as of December 2012 while gross premiums written reached P1.61 billion as of December 2013. 

Due to its consistent exceptional performance, PNBGen has already declared and paid PNB P200 million in cash dividends and P95.2 million in stock dividends.