Generali premiums rise 51%

MANILA, Philippines - Generali Philippines has reported a 51-percent increase in total individual insurance premium income in January to June this year compared to the same period the previous year.

Likewise, new individual insurance sales grew 53 percent.

Generali Philippines, a joint venture bancassurance company between BDO Unibank Inc. and global insurer Generali Group of Italy, reported gross premium income of P2.8 billion in 2012.

It ranked 12th among the 32-strong Philippine life insurance industry in that period.

Individual renewal premiums were up by 49 percent, the primary result of the company’s sole focus on regular premium sales. It ranked among the highest growth rate among the top 15 life insurers.

Generali Philippines does not sell single premium policies but prefers to stick with traditional pay full protection policies and variable unit linked (VUL) products.

Group life and health premiums grew by nine percent, while group renewal premiums grew by 14 percent.

New business efforts have been focused on life and credit life sales, which grew by 35 percent over the same period last year.

But Generali Philippines president and general manager Renato Vergel de Dios is optimistic towards strategic growth as synergies with the SM Group remains vastly untapped.

“Notwithstanding our hefty sales growth rates so far, it is evident that we have barely scratched the surface in terms of market potential,” Vergel de Dios said.

Sales force expanded to more than 500 financial advisers (FAs) operating throughout BDO’s over 720 branches nationwide.

Besides from the bank clients, Generali Philippines has still to exploit resources within the SM Group, among the biggest conglomerates in the country.

Nonetheless, Vergel de Dios sees a steady upward trend for solid growth moving forward.

“The company is well positioned to pursue opportunities with the full support of our bank partner, the sales force and a constant flow of products,” he added.