Insular Life first-year premiums up 60%

The Insular Life Assurance Co. earned more in first-year premiums in the first six months of the year than it did in the whole of 2002.

Insular Life chairman Vicente Ayllon, said last year was the first time the company breached the P1-billion mark in new life insurance premiums.

"This year is even better and we see this trend continuing in the future."

As of October, 1st-year premiums reached P1.9 billion, a 60 percent increase over the new life insurance premiums of the entire 2002.

"It is very likely that we will breach the P2 billion mark in new business premiums in 2003. The last two months of the year are normally very productive months, since our agents really work overtime to meet company honors and awards qualifying requirements," Ayllon added.

He attributed this performance to the right products, a very focused approach to specific markets and full support for its sales people.

"We have a sales team that is very determined and driven. We have to face up to the competition, especially the new foreign life insurance companies who are also after the same market we are tapping," he said.

Total premium revenues as of October reached P5.5 billion, up 27 percent over the same period last year.