MANILA, Philippines - Insular Life Assurance Co. has posted an increase of roughly 25.6 percent in total premium income in 2012, or from P7.4 billion in 2011 to an unaudited P9.3 billion.
New business or first year premiums expanded 54 percent increase in 2012, or from roughly P3.2 billion in 2011 to P4.93 billion.
Renewal business remained in the P4-billion level.
New business premiums are new policies written in a given year, as against renewal premiums, which are premiums or payments as a result of an earlier policy written.
Variable life premiums hit a record P3.75 billion last year, or nearly a hundred percent expansion from the P1.9 billion in 2011.
Regular premiums plus single pay premiums amounted to P1.22 billion last year.
Insular Life management attributed this sterling performance to several factors.
Insular Life chairman board and chief executive officer Vicente R. Ayllon said that despite a slow start in 2012, production progressively picked up and rose to record levels by the second half of the year.
“Market conditions continued to be favorable in 2012, with rising consciousness on risk protection as well as strong market appetite for long-term investment opportunities,†he added, in a separate statement.
The company conducted numerous financial and estate planning seminars to enlighten and guide its clients on professional wealth management.
It also continued offering new and innovative products, as well as accelerating sales force expansion throughout the country.