[FEATURING] Insular Life reports strong growth figures
INSULAR Life (InLife) said its insurance operation has seen growth in all its business lines including agency distribution, corporate solutions and bancassurance channels so far this year.
“Our sales metrics are very encouraging. Our first trimester results are giving us double-digit growth in agency and group sales,” Raoul Littaua, InLife’s newly installed president and chief executive officer, said in a statement on Friday.
InLife’s overall first-year premium (FYP) increased 182 percent in the first four months of the year compared to 2020. Similarly, the number of new business policies issued has inched up by 48 percent and corporate sales have jumped by 11 percent.
“Our bancassurance performance has gone through the roof in the first five months of 2021 registering 499-percent growth in FYP as compared to last year. In terms of APE (annualized premium equivalent), this is equivalent to 332 percent on the heels of a 316-percent growth in policy count,” Littaua said.
He also expressed optimism that the increasing trend will continue throughout the year.
“I am very pleased that this year we are on track to a big bounce forward after taking a hit from the effects of the pandemic last year,” Littaua added.
While the company has made significant investments in industry-leading technology and digital readiness even before the coronavirus disease 2019 pandemic, the firm’s top concern was and continues to be the safety and well-being of its employees, according to Littaua.
“This year, however, our financial advisers have adjusted well; they are maximizing our digital end-to-end platforms while learning to coexist with the virus for the time being. And it has had a ripple effect,” he added.
By taking care of its personnel, Littaua said InLife has become an appealing destination for both seasoned and high-potential financial advisers, as well as significant commercial partners.
InLife has a nationwide presence in 57 branches all over the country with an asset base of over P148 billion and net worth of P37 billion.