PhiLife eyes 36% premium growth

MANILA, Philippines - Philippine Life Financial Assurance Corp. (Phi- Life Financial) is planning to grow its total premium income by roughly 36 percent to P445 million this year, from the P326 million recorded in 2013. The same already expanded by 25 percent if compared to the P261 million achieved in 2012.

First year premiums (FYP) reached P135 million last year, up 117 percent as compared to the P62 million recorded in 2012.

PhiLife Financial president and chief executive officer Joseph Agustin Tanco said that the strong projected growth outlook would come from DepEd teachers loans, regular life insurance business and the introduction of new products.

“Also in the pipeline, is PhiLife Financial’s answer to the popular variable or unit linked (VUL) life insurance and investment products,” Tanco said.

Tanco said it will not only offer investment opportunities but the new product when approved by the Insurance Commission (IC) would offer services offered by their sister companies.

PhiLife Financial is a member of the Tanco Group of Companies, which include PhilPlans, PhilCare, STI Education Services Group, iAcademy, the Philippine Women’s University (PWU), DLS-STI College, among others.

But the biggest contributor to the insurers revenues, is the DepEd Teachers Loans, which amounted to P1.2 billion last year. Target growth is forecast at P2 billion this year.

PhiLife Financial executive vice president and chief operating officer Enrique R. Alberto is also optimistic that the new insurance products will boost the chances to reaching all targets as well as offer the public more protection and investment opportunities.

“Just weeks ago, we launched a new individual life or a single pay, 10-year annuity anticipated endownment plan which guarantees five-percent gain at the end of the second year,” Alberto said.

He further explained that at the end of the 10-year period, 105 percent of the face value is given to the insured, or a total of 145-percent return on investment. “All returns are tax-free if the beneficiary is irrevocable,” he added.

PhiLife Financial also revamped its sales and marketing agency to target the high net worth market, it continuous to develop products aimed at also going after the more affluent segment of society.

It already introduced Wealth Protect that is designed to address estate conservation.

Alberto said that the insurer would increase its agency force to 600 from the present 400 positioned in 24 branches nationwide. It presently services 50,000 policy holders.

PhiLife Financial meanwhile has total assets worth P1.6 billion and a new worth capital of P585 million.

It was formerly known as Asianlife Financial Assurance Corp. and subsequently merged with Banclife Insurance Co. Inc. (BancLife) to form PhiLife Financial in June 2012.

It offers various financial services, such as individual, family, and group life insurance; investment plans; and even loan privilege programs.