MANILA, Philippines - PNB Life Insurance Inc. (PNB Life) is on track to end the year with a premium income of P6.2 billion, 58 percent higher than the P3.9 billion recorded in 2012. The figure was P1.2 billion more than the original target of P5.0 billion.
In 2011, gross premiums amounted to P2 billion, P1 billion in 2010, and P846 million in 2009.
PNB Life president and chief executive officer Esther C. Tan attributed the outstanding growth to strong sales of the limited-offer life insurance cum capital-protected investment products.
Offered in the last semester of the year, VIP Summit Peso and VIP Summit Dollar were received well by the market, propelled mainly by its strong bancassurance relationship with the Philippine National Bank (PNB).
The company also addressed the need to reach a wider base by offering Healthy Ka, Pinoy, a uniquely affordable insurance product with medical benefits. Its banner endowment product Intensify! launched in later part of 2013, addressed the Filipino family’s requirement for superior savings and protection features.
PNB has 627 branches nationwide plus one of the widest international footprint among Philippine banks spanning Asia, Europe, Middle East and North America.
Through bancassurance, PNB Life products reached to a larger base of the market with PNB Life’s varied protection, endowment, investment, and group product to a larger client base.
Bancassurance is the privilege of selling insurance products through the branch network of a bank, in this case PNB, as well as the bank’s existing client base. It is also known as cross-selling.
PNB Life expects to end the year with substantial growth in net income. A hefty increase from last year.
PNB Life chief financial officer Caesar Altarejos is confident of the insurer’s financial health, i.e., stable and capable to provide the promised future benefits of its policyholders. Its capital base is intact and compliant with regulatory requirements.
With the impressive growth, the company shared its blessings to Yolanda-stricken communities through fund drives conducted among the employees and sales agents, foregoing its Christmas party, and donated the proceeds through the CSR arm of the Lucio Tan Group’s Tan Yan Kee Foundation.
Focused on its mission of financial literacy, PNB Life is ready to take on 2014’s challenges.
With the expected growth in the economy next year, fuelled by increased urbanization, the demand for various life insurance solutions will be on the rise.
PNB Life is projecting a premium income growth of no less than 30 percent.
Innovative product development, sales manpower build-up, excellent customer service experience are the three pillars by which PNB life will focus its efforts in 2014.
In a statement, Tan believes that innovative product must be launched at a faster pace as the Filipino customer has become more discriminating in its choices.
“The company is gearing for more customized insurance solutions, while maintaining a lean and mean backroom organization, will ensure customer service experience that is timely and hazzle free,†she added.