MANILA, Philippines - Pioneer Life Inc. has accumulated a total P992.13 million in premium income in the first six months of 2015, up 14.2 percent from P868 million in the same period in 2014.
Last year, total premium income amounted to P1.848 billion, the 14th best overall among the 31 life insurers licensed by the Insurance Commission (IC).
Gross premiums written so far this year amounted to P1.2 billion, or roughly half of the targeted P2.5 billion for the whole of 2015.
First year premiums and single premiums reached P254.9 million, or nearly a third of its full year target of P870 million. Last year, it was valued at P619 million.
Group policies in gross terms was placed at P513 million, or a little over half of the full year target of P918 million.
Pioneer Life president and chief executive officer Lorenzo Chan Jr. said they are confident the targets are attainable.
“We are offering a lot of protection products, and there is a growing awareness for the need for protection,” Chan said.
Meanwhile, microinsurance products reached P170 million after six months of the year, or roughly half of the target P248 million.
Microinsurance is low in terms of value compared to traditional and investment-laced insurance products.
“What matter is the protection given for those who have very little,” the Pioneer Life chief executive said.
The insurer has partnered with Cebuana Lhuillier, one of the country’s leading pawnshops, to market microinsurance products.
The nationwide network of Cebuana Lhuillier is offering microinsurance products under its Alagang Cebuana Plus Program, which for P25 will cover an individual up to P20,000 in personal accident coverage and P5,000 fire insurance for a maximum of four months. Pioneer writes the microinsurance policies.
“Microinsurance is really about giving Filipinos the resources they need to continue with their lives even when a loss – of property or of a loved one – throws off their finances. Our partnership with Cebuana Lhuillier allows us to bring these benefits to more Filipinos, especially the ones who need it most,” Chan said.