Its individual business line posted an impressive 137 percent increase in first year premiums compared to the same period last year. The company posted an over-all growth rate of 164 percent in first year premiums last year.
"Our FYP growth is proof that we are committed to the Philippine market for the long-term," according to Nippon Life president and CEO Kohei Hirose. This remarkable growth rate was a combined effort to its professional agency force as well as its other complementary distribution channels. This impressive performance comes at a time when other foreign life companies are closing shop or being acquired by other insurers.
The company hopes to continue with this impressive performance for the rest of 2002. Its goal is to be among the top 10 in the life insurance industry in terms of first year premiums by the end of the year.
It plans to continue its aggressive approach to the market by recruiting and training more agents. It has streamlined its recruitment process by developing a new selection system that will help identify potential successful agents. New and advanced training courses have been designed to answer to the needs of its growing agency force.
"We want to develop a productive and high quality agency force that is not only just focused on closing the sale but also focused on the customer," according to Hirose. The company believes that establishing close relationships with customers is a key ingredient to long term success in the Philippines.
The company also boasts of having a very solid asset base of over P1.2 billion, which has been a source of financial strength in these very uncertain times. Nippon Life Philippines is a joint venture between Japan’s largest life insurer, Nippon Life Japan and the Yuchengco Group of Companies.