New top-level appointments at Insular Life

MANILA, Philippines - Insular Life Assurance Co. Ltd. has announced new appointments to its top management posts.

Vicente Ayllon, who has been with the company since 1977, will retire from his posts as chairman of the board and chief executive officer (CEO) effective Jan. 24, 2016. The Board of Trustees approved Ayllon’s retirement.

“Through the help of all the trustees, officers, employees and sales force, we have brought this company to its eminent position of being the largest Filipino life insurance company,” he said in a statement.

Ayllon will remain chairman emeritus until Dec. 31 next year to support the transition of new officers, the firm said.

Taking over as chairman is Victor Valdepenas, outgoing president and chief operating officer of the Union Bank of the Philippines.

He brings with him a 22-year banking career that started as chief economist of Citibank N.A. He also served with the government as assistant director of the National Economic and Development Authority.

Meanwhile, Nina Aguas, formerly president and CEO of Philippine Bank of Communications, was appointed as new CEO of the insurance firm. According to the company, Aguas has a 30-year experience in financial institutions management.

Mona Lisa de la Cruz retains her posts as Insular’s president and chief operating officer.

Under Ayllon’s leadership, Insular said it grew its assets from P0.7 billion in 1977 to P104.4 billion last year. The company’s net worth was also at its highest at P25.7 billion.