MANILA, Philippines — Malayan Insurance Co. Inc. (MICO) yesterday announced the appointment of Yvonne Yuchengco as the new vice chairman of the board of directors, with Paolo Abaya taking over her position as the company’s president and chief executive officer (CEO).
MICO said Yuchengco and Abaya’s appointment were made effective on July 1.
Prior to her assignment as Malayan’s board vice chairman, Yuchengco led the company as president and CEO for nearly 25 years.
During her term, she helped the company maintain its position as the country’s top non-life insurer in terms of gross premiums written consistently, according to MICO.
Abaya, for his part, served as Malayan Insurance’s chief operating officer before his promotion.
“The transition to a younger leadership for Malayan Insurance marks a step toward the future as it approaches its 90th year as an industry leader. The move consolidates the company’s strategic efforts to serve the millennial and Gen Z markets, an emerging segment which thrives with a digital, always-connected lifestyle driving their consumer decisions,” MICO said in a statement.
Malayan Insurance, a member of the Yuchengco Group of Companies, is a Philippine non-life insurance company rated by AM Best, a global rating authority for the insurance industry.
AM Best has affirmed the company’s financial strength rating of B++, and insurer credit rating of bbb+, with stable outlook.
According to data from the Insurance Commission (IC), MICO maintained its market leadership in 2018 with gross premiums written (GPW) reaching P10.16 billion. This is about six percent higher than the P9.6 billion GPW it booked in 2017.
The company also reported the third largest net premiums written last year amounting to P3.77 billion, and fifth highest net income totaling P195.27 million.
The IC said Malayan Insurance also reported P34.28 billion in total assets as of end-2018 and P4.24 billion in total net worth.