MANILA, Philippines - The Philippine American Life and General Insurance Co. (Philam Life) has reported an 89-percent growth in new business in the nine months ending September this year to an estimated P2 billion.
The company said the strong first year premiums brought Philam Life’s total premium income to over P10 billion.
Its total premiums amounted to P11.254 billion last year, retaining top spot among the country’s 34 life insurance companies.
The single premium business produced close to P2 billion in new business more than double the P624-million worth of single premiums produced in the same period last year.
Single premiums are life insurance products on one-time payment as against the more traditional form of payments such as quarterly, semi-annual and annual.
Single premiums are the favorite products sold through the bancassurance distribution network.
Philam Life president and chief executive officer Rex Ma. A. Mendoza attributed the strong growth of single premiums to new investment link products, either peso- and dollar-denominated.
“The response for this investment-linked product was quite overwhelming. We wanted to give Filipino investors the opportunity to invest in these high-growth sectors, which experts forecast to increase in consumption and value in the next few years,” Mendoza added.
Last year, Philam Life ranked first in net worth with P22.84 billion out of the total industry figure of P90.77 billion; first in premium income with its P11.25-billion share of total industry income of P70.72 billion; biggest in assets with P140.61 billion or 27.41 percent of total industry assets of P476.45 billion; and highest paid-up capital of P1.93 billion out of total industry paid-up capital of P10.8 billion.