Philamlife premiums hit P1.58B in November

The Philippine American Life and General Insurance Corp. (Philamlife) has reported a 54-percent growth in new premiums in November.

Total premiums for the same month reached P1.58 billion, propelled by the phenomenal success of its new AIG Money Tree products, variable or unit-linked insurance products with investment features.

Premiums from these products alone soared to P473.22 million in a single month. Philamlife also registered strong growth in its group life and personal accident lines, up 29 percent and 15 percent, respectively.

It reported total premium income of P12.3 billion in 2005, and a networth of P36 billion. Total premium income of the industry was recorded at P46.9 billion.

Philamlife president and chief executive officer Jose Cuisia Jr. vowed to keep on introducing more products based on the need of the times.

"We will strive to be even worthier of your trust, and we will continue to provide financial security to even more Filipinos in 2007," Cuisia said.

The success of the Philamlife’s variable life products can be attributed to the excellent yields offered by Philamlife’s different investment funds.

One year returns as of Dec. 15 reached 18.7 percent for the fixed income fund, 36.91 percent for the equity fund, 19.74 percent for the dollar bond fund, and 12.36 percent for the global bond fund.

The company is bullish about prospects in 2007, which marks its 60th year in operation.

Philamlife introduced four new generation insurance products recently, namely Brilliance for education, Longevity for savings and protection, Abundance for investments, and Leisure for retirement.

Philamlife Brilliance provides guaranteed education benefits and dividend potential for higher returns while Philamlife Longevity offers guaranteed lifetime cash benefits every three years, guaranteed increasing insurance coverage plus potential returns from dividends.

Philamlife Abundance combines investment and insurance in an easy-to-understand package that lets one participate in high-yielding investment funds. Philamlife Leisure provides a continuous monthly pension that lets one enjoy his retirement in comfort and security.

The country’s leading life insurer also broke new ground when it launched AKSITEXT, the country’s first prepaid accident insurance card activated through SMS or text messaging, and available in convenience and sari-sari stores.

For only P10 in premiums, AKSITEXT provides P10,000 accidental death insurance for a period of 15 days.

Philamlife is the largest and most diversified life insurance company in the Philippines, and the undisputed market leader for over half a century. It offers the most comprehensive range of life and general insurance products that provide protection, savings and investments, education, and accident and health coverage.

Philamlife has the most number of products in the market with 20 active and a total of 70.

The company has more than a million individual and corporate policyholders, and maintains the most extensive network of offices and sales agencies nationwide. It is a member of American International Group (AIG), world leaders in insurance and financial services.