Generali Pilipinas Life Assurance Co. (Generali Pilipinas) has recorded robust growth in the first five months of 2007. In May alone, sales figures expanded by 85-percent growth over the same month last year, the highest growth made in a single month.
By far the highest production in a single month for Generali Pilipinas’ combined operations historically, this translates to year-to-date (YTD) total premiums of P974 million or a 75-percent jump over the same period last year.
The month of May was especially impressive for the life operations as premiums exceeded the P200-million mark for the first time. This is 38 percent higher than the target for the month and 40 percent higher than target for the year.
BancAssurance channel reaped P589 million year-to-date premiums, heralding a steady increase in regular pay plans. This increase nearly approximated its 2005 full year combined production of P590 million.
Equally commendable was the broker channel’s growth in life year-to-date premium of P252 million.
Generali Pilipinas eyes a 50-percent growth in total premium income this year, or from P1.8 billion in 2006 to P2.7 billion.
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.
Eighty percent of the income in 2006 came from its bancassurance products while the remaining 20 percent from its 2,000-strong agency force.
Generali Pilipinas is a joint venture between Generali Assicurazioni of Italy and Banco de Oro Universal Bank (BDO) formed in late 2004.