Generali Pilipinas premiums up 24%

The combined total premium income of the Generali Pilipinas insurance companies grew by 24 percent, or from P600 million in 2002 to P744 million last year. Total premium income in 2001 was P365 million.

Total premium income for Generali Pilipinas Life Assurance Co. alone expanded by 110 percent to P200 million. For the individual line, premium income reached P72.6 million or 125 percent better than the P32.3 million in 2002. Group life insurance expanded by 102 percent, or from P63.6 million in 2002 to P128.3 million last year.

The corporate marketing division (or group insurance department) exceeded its 2003 goal by 28 percent.

Meanwhile, gross premiums written by non-life insurance firm Generali Pilipinas Insurance Co. hit P477.6 million last year or eight percent better than the P383.6 million the year before.

The marine insurance line for non-life increased by 40 percent from P4.3 million in 2002 to P6.1 million in 2003. Casualty insurance reached P26.5 million last year from P20.3 million in 2002 for a growth rate of over 30 percent.

Generali Pilipinas president and chief executive officer Alfonso Garcia Jr. placed significant weight on its alternative marketing tools as well as its sales force for the impressive growth of both the life and non-life groups. The two major alternative marketing tools are direct marketing and bancassurance.

Likewise, the introduction of new products particularly foreign currency-based contributed to the positive premium growth. – TPT