In 2005, total premiums including single premiums reached P1.4 billion. That allowed Generali Pilipinas to ranked 10th among the 34 life insurers from 15th overall the year before.
"In fact, our initial first quarter reports point to a 30-percent growth over budget (targets)," Generali Pilipinas president and chief executive officer Daniel T. Daly said.
Daly said that the impressive first three-month figures reflect the improving economic fundamentals resulting in more disposable income which finds its way to investments.
Eighty percent of the income in 2006 came from its bancassurance products while the remaining 20 percent from its 2,000-strong agency force.
This year, the insurer wants to increase the share the agency force to 20 percent of new business, another 10 percent from its brokers, and the balance of 70 percent from banc-assurance.
Most of the bancassurance products are single premiums or one-time pay products. Traditional or regular life insurance products meanwhile have varying payment modes which result in regular income for the insurer over a longer period.
Bancassurance in the Philippines is an alliance between a commercial bank and a life insurance company wherein the bank must own at least five-percent equity in the insurer. That would allow the insurer to tap into the bank’s client base, sell its products within the branch premises, and thus increase the consumer products of the bank.
Generali Pilipinas is a joint venture between Generali Assicurazioni of Italy and Banco de Oro Universal Bank (BDO) formed in late 2004.
Since then, the premium income of Generali Pilipinas has grown by leaps and bounds.
Presently, Generali Pilipinas has 130 financial advisers (FAs) covering the 288 BDO branches. Curiously, when the merger between BDO and Equitable PCI Bank is completed, the branch network will increase to 700 and an automated teller machine (ATM) base of 1,200.
"We are also talking with the SM Group regarding marketing opportunities in the mall network," Daly revealed.  Ted Torres