Philam Plans sales up 17%

The Philam Plans Inc. has reported total 2006 sales or pre-need products equivalent to P2.74 million, thus cornering a market share of over 17 percent.

"We are pleased that, despite the numerous challenges Philam Plans and the pre-need industry faced in 2006, we still prevailed," Philam Plans president and chief executive officer Jack I. Howell said in a statement.

The pre-need arm of the Philippine American Life and General Insurance Corp. (Philamlife) group sells pension, education and life/memorial plans.

"Since June of this year, our level of production significantly improved on a month to month basis, thanks to the combined efforts of our sales, marketing, operations and finance teams," Howell added.

Philam Plans has directed strategic steps to boost the company’s financial capabilities, and now holds the largest, fastest growing and most liquid trust fund with over P24 billion, the majority of which are secured in cash or near-cash equivalent such as government securities.

It claims to be the biggest capitalized pre-need firm, standing at P700 million in paid-up capital, seven times larger than the minimum requirement of the Securities and Exchange Commission (SEC). It has over 500,000 plans in force.

"While we are closing 2006 on a positive note, we are committed as a company in continuing to improve our overall performance," Howell said. "The coming year will definitely pose new challenges, and we will soon introduce new products and innovations to create a whole new excitement in the market."