MANILA, Philippines - First Life Financial Co. Inc. (First Life) is on track to hit P1 billion in total premiums on strong sales and the warm reception of the market towards its variable or unit linked insurance products.
First Life president and chief executive officer Peter G. Coyuito said that the life insurance company would surpass the P1-billion mark in terms of total premium income due to sustained growth in new business and high persistency of renewal portfolio.
“The increase in new sales was propelled mostly by the continued success of its traditional life insurance products,†Coyuito said in a recent Leadership Summit for clients, agents and partners.
He said that variable life insurance product portfolio have been well received by its clientele’ with its fairly recent entry into the variable life market. First Life’s fund assets’ net account value per unit (NAVPU) had gained by 30.84 percent since its initial foray into the VUL market.
Last year, total premium income reached P769 million, of which P759 million were traditional policies while P9.7 million were VUL or life insurance with investment features.
From January to October this year, premium income already hit P868 million, P92 million of which are first year premiums.
Of the total premiums, individual traditional policies amounted to P375 million, VUL reached P37 million, and group insurance was valued at P456 million.
The insurer is looking at a net income of P25 million this year, from the P16.4 million in 2012.
First Life has five branches, 500 agents and 20 broker partners.
The insurer has tied up with Swiss Life Network, the world’s largest employee benefits network, and The Dai-ichi Life Insurance Co. of Japan the second largest life insurance company in the world.
Through these alliances, it has access to Japanese and Swiss corporations for their protection requirements.
“We are able to provide group insurance coverage for European and Japanese multinationals,†Coyuito said.
Among the popular First Life products for whole or term protection, protection with savings component, retirement insurance, education insurance, and group insurance. – Ted Torres