Pioneer Allianz Assurance Corp. (Pioneer Allianz) reports an increase of nearly 20 percent in net income for the calendar year 1999 despite earlier predictions of net losses reaching P75-million burdened by the poor showing of the Philippine economy.
Likewise, gross premiums grew 53 percent more than its performance in 1998.
Pioneer Allianz president and chief executive officer Roger Dockett attributed the expected high results from its 1999 operations to the aggressive and efficient backroom and front line activities of its personnel aside from the expansion of its new products and existing product development.
"We have more than 290 quality agents whose full potentials we expect to harvest this year," Dockett told The STAR.
Pioneer Allianz reported a 77 percent increase in the number of policies written while gross revenues hit more than 50 percent from the year before figures. First year premiums rose to P60-million.
Among its big earners is the employee benefits division which reported some P30-million from group products. Included in the division's portfolio is the accident and health department which has been contributing significantly to the earnings of the life insurer.
The accident and health department was transferred from its business partner, the Pioneer Insurance Surety Corp. (PISC) in the middle of 1999.
"We conducted a study and the results surprisingly indicate that the single most influential entity that pushed people to get an insurance policy, group or individual, was their employers," the Pioneer Allianz chief executive revealed.
The study merely confirms the growing trend of awakened employers who value their employees and rewards them with more benefits including group benefits like accident and health insurance.
Unofficially, the leading insurers in terms of group or employee benefits written policies are Insular Life, Pru-Life and Pioneer Allianz.
Dockett said that their investments have grown by 30 percent. However, there is a prevailing pessimism that the overall investment climate may not be as bullish this year.
Pioneer Allianz expects the interest levels for investments to slip from the 1999 levels which includes the Treasury Bills. The same bearish sentiments were likewise reflected towards the country's stock markets which have not shown any upward trends in terms of volume or value transactions.
Insurers generally invest its earnings on government papers and bonds, commercial papers, stock market transactions, trust and mutual funds, property loans, and other financial instruments.
Pioneer Alianz offers six individual life products and five general products for employee benefits.
For the individual life products, there is the Alumnuc college plan, the Assure 65 retirement plan, the Action 20 20-year endowment plan, the All-Life 85 plan, the Affirm 5 renewable term plan, and the Advance education program.