BDO Life premium income grows 24% in Q3

MANILA, Philippines - The wholly owned life insurance subsidiary of BDO Unibank Inc. recorded a 24 percent growth in total premium income in the third quarter despite the industry slowdown.

The total premium income of BDO Life Assurance Company Inc. (BDO Life) amounted to P6.3 billion in the third quarter amid the eight percent drop in the life insurance industry premiums.

“With the BDO Life name, brand recognition is a done deal and should help provide a significant boost to in-branch insurance sales. Leveraging the BDO brand to its fullest is a key activity that solidly positions us as a serious contender in the life insurance space, “BDO Life president and CEO Renato Vergel De Dios said.

Individual life new business premiums posted a substantial 28 percent hike in terms of Annual Premium Equivalents (APE) while renewal premiums rose 30 percent over last year.

Sales force expansion and rising sales productivity combined to power individual sales growth.

BDO Life ramped up its recruitment and selection efforts to beef up its presence in more BDO branches.

Furthermore, efforts to develop a professional bancassurance sales force that consistently delivers sound insurance solutions to BDO clients’ needs have started to bear fruit.

The recent acquisition and integration of BDO Life as a wholly-owned subsidiary of BDO Unibank would accelerate the process of tapping the insurance needs of the bank’s growing client base.

This move opens more doors towards building synergies between BDO Life and the bank’s various business units that will maximize cross-selling opportunities.

Identification with the BDO brand has definitely boosted client confidence in BDO Life and recognizes the brand’s intimate understanding of the Filipino culture and local market.

BDO Life offers a diverse pool of life insurance products suitable to the needs of its clients. It provides protection, education, savings, retirement and estate planning solutions aimed to create a secure future for its individual customers and their families.

It also extends comprehensive group term life insurance protection for corporate clients.