Insular Life premiums expand 53% in Q1

MANILA, Philippines — Insular Life recovered its financial footing in the first quarter, posting a double-digit growth in premiums to attain its five-year target of expanding its reach and becoming the country’s leading insurer.

Insular Life president and CEO Raoul Littaua said the firm’s gross written premiums grew by 53 percent to P3.54 billion in the first quarter from P2.31 billion a year ago.

He said Insular Life’s new business annual premium equivalent jumped by close to 42 percent to P422.2 million, thanks to the rising number of fresh enrollees in insurance policies during the pandemic.

“For the next five years, our vision is to make a lot more Filipinos become members of a vibrant Insular Life community. Previously, as with most companies, our ambition has been to reach, or in the case of Insular Life, to regain the top in terms of industry new business rankings,” Littaua said.

Insular Life ranked second in net worth, third in net income and fourth in asset base among industry players in the first quarter.

Littaua said the firm would maintain its Sheroes program initiated in 2019 that intends to provide financial education, health and wellness, women-specific solutions, including access to business, to female consumers.

The program has so far extended services to about three million women, or triple the 2022 objective of one million women.

Insular Life expects to sustain its growth for the rest of the year, taking advantage of the widening interest among Filipinos to purchase an insurance policy. Littaua said the firm would improve its digital services to move along the industry’s shift to online platforms.

Insurance penetration, or the contribution of the insurance industry to the economy, rose to a record 2.3 percent in the first quarter, from 1.76 percent a year ago.

Further, Filipinos increased their average spending on insurance to P912.2 per individual from P723.43.

According to the Insurance Commission, the industry has seen membership spike during the pandemic as Filipinos realize the importance of saving up.

Last year Insular Life issued some P3 billion worth of living and death claims, with policyholders asking for funds to tide them over the pandemic.