The country’s largest Filipino-owned life insurance company, The Insular Life Assurance Company, Ltd., posted higher consolidated revenues of ₱19.93 billion in 2015, strongly driven by its core life insurance business.
Insurance revenues grew by six percent to ₱13.59 billion, on the back of higher sales of single pay and multiple-pay variable unit-linked products.
In a statement issued by the company after its Annual Members’ Meeting, consolidated assets rose five percent to ₱106.15 billion from ₱101.35 billion in 2014. Net worth expanded by four percent, to ₱23.72 billion from ₱22.85 billion the previous year.
Despite the market volatility in 2015, the Insular Life group ended the year with a consolidated net income of ₱1.77 billion from ₱2.95 billion in 2014. The decline in net income was primarily due to reduced profit from the sale of property and equities, and lower equity in net earnings of associates. Insular Life landed at number four in the industry ranking based on net income.
"We are very happy to inform our policyholders that Insular Life consistently ranks high in four important performance factors. We are number two in net worth, number three in assets, number four in net income and number seven in premium income," said Insular Life President and Chief Operating Officer Mona Lisa B. de la Cruz.
"Equally important as the numbers, is how the company continually creates added value for its policyholders. We now have a new core policy administration system, the HP Ingenium. Through Ingenium, most of our core processes are now automated, resulting in faster and more convenient customer servicing. This will make our operations even more responsive in enhancing our market competitiveness.
We broke new ground when we launched the Automated Underwriting System or the AUS in 2015. The AUS is a system that allows for a fast, paperless online completion of application for a new policy. With the AUS, prospective policyholders have to simply fill out an application form through their iPad or laptop, and get an underwriting decision immediately, with the help of their agents.
"Moving forward, we will continue our multi-pronged digital strategy that involves engagement over a broad front of users and strengthening our digital platform and its properties. We are seeing a spike in engagement of online users, particularly the millennial generation who are increasingly interested in our products," adds de la Cruz.
Insular Life Chief Executive Officer, Nina D. Aguas said, "We cannot ignore the fact that with ASEAN integration and shifts within the insurance industry, our world is changing and we need to have an organization that is responsive and can operate and compete within the redefined playing field. We will consider the proper organization structure, work at leveraging our partnerships and alliances, reinvent ourselves within the digital and financial technology world, and build and strengthen the capabilities of our people. Our policyholders must see a differentiated and bespoke customer experience,"