On track for new growth

The last decade was quite a roller-coaster ride for AsianLife Financial Assurance Corp.

Known in the 1990s as All AsiaLife, the company was easily the fastest growing life insurance company in the country.

From 1994 to 1999, gross premiums grew from P24.6 million to P190 million, representing a compounded annual growth rate of 50.5% in terms of volume in force. In 1996 alone, AsianLife posted a record 600% increase in first-year premiums.

Despite its sterling performance, All AsiaLife was affected by the setback encountered by its parent firm, a result of a combination of factors, among them the decline in the financial markets. But since the company was backed by policy reserves mandated by the Insurance Commission. All AsiaLife managed to continue serving its policyholders.

New stakeholders

"To date, no insurance company has ever closed. The companies just transfer ownership from one set of investors to another," said chief operating officer Enrique Alberto, who was with the original group that engineered the company’s remarkable growth in the mid-1990s.

Alberto rejoined the company in March 2002 after it was acquired by ATR Kim Eng Financial Corp., a diversified financial services company listed on the Philippine Stock Exchange with a capital base of approximately P1.7 billion.

"To make up for lost ground, we want to develop two important markets. First, we want to sell life insurance to teachers through salary deduction. Second, we want to develop the individual market. That means selling through the traditional agency mode to individuals who will purchase plans and pay premiums on a quarterly, semi-annual, or annual basis. All AsiaLife was very strong in this segment before and we want to regain that strength," he said.

Focused

Within the year, the company intends to open more offices in Metro Manila and in the provinces, particularly in Mindanao where its top sales organizations are located.

It currently has 17 branches and about 200 licensed associates.

A merger with sister company, AsianLife and General Assurance Corp., is also a possibility within the next three years.

Expansion will be complemented by a more efficient and consumer-responsive organization.

"A good organization is essential to reap the fruits in an industry poised for even faster growth," said Alberto. "We are proud to be a strong local company with strong foreign affiliates. This guarantees our commitment to stay and serve the Filipino public with focus, discipline, and pride."