Insular Life new business up in H1

MANILA, Philippines - Insular Life Assurance Corp. (Insular Life) has reported new business premiums (NBP) of P1.8 billion in the first semester of 2011, up 105 percent from the same period last year.

Insular Life chairman and chief executive officer Vicente R. Ayllon attributed this to the overwhelming response of the market for its insurance products as well as the continued dedication of the sales force.

“We introduced a number of innovative products during the first semester providing risk protection as well as long-term investment opportunities. They all met and exceeded our expectations,” Ayllon said. 

Among these were i-Heal for the funding of long-term care needs, Variable Returns Asset for retirement security, i-Aspire for assured savings and Peso Advantage 5, a five-year anticipated endowment policy.

Ayllon also expressed delight in the company’s exceptionally good sales performance for the first semester. Noting that 2010 was a good year for the life insurance industry, the chief executive expressed confidence that 2011 will likewise be favorable. 

“Our company will continue to be a prime mover and major leader in life insurance,” he declared.

Insular Life, in partnership with its non-life affiliate MAPFRE-Insular, is one of the few companies accredited to officially provide life and non-life insurance coverage to overseas Filipinos under Republic Act (RA) 10022, otherwise known as the Migrant Workers Law.       

Last year, Insular Life registered a net income of P2.6 billion, while total premiums amounted to P7.3 billion.

Consolidated total revenues soared to P15.2 billion, up by 21 percent. The bulk of the revenues came from net insurance income and investment income of P8.4 billion and P4.97 billion, respectively.

These subsidiaries and affiliate also repeat dramatic results in 2010, especially Insular Health Care’s P306 million in revenues, and Mapfre Insular’s gross premiums of P1.7 billion and net income of P207 million.

Total policyholder benefits and operating expenses amounted to P12.3 billion, the bulk of which represented benefits paid to policyholders. Total life insurance business-in-force reached P200 billion. Consolidated assets rose 14 percent to P72 billion.