Insular Life revenues up 13% in 2018

MANILA, Philippines — Insular Life Assurance Co. Ltd. (InLife) booked a double-digit growth in its revenues last year, supported by the company’s bancassurance and digital channels.

In a statement, Insular Life said revenues grew 13 percent to P22.2 billion.

Operating revenues climbed four percent to P7.8 billion, largely coming from investment income, dividend income, property rentals, sale of assets and other forms of income.

Meanwhile, the premiums generated by Insular Life grew 18 percent to P13.98 billion.

This placed InLife as the seventh largest insurance company in the Philippines in terms of premium income, according to the Insurance Commission (IC).

“There were challenges along the way, such as the rapid spike in inflation rates, but thankfully, our revenue sources still posted growth rates,” InLife president and chief executive officer Mona Lisa De la Cruz said. 

Among life insurance companies, InLife also ranked second in terms of net worth with P37 billion, third in assets with P130.4 billion, and fifth in net income with P2.3 billion.

De La Cruz said one of the contributors to the insurer’s performance last year was its bancassurance channel with Union Bank of the Philippines, which she said is now delivering results on the first full year of its operation. 

“Our bancassurance production grew by 53 percent versus the 10 percent it recorded from year ago levels,” she said.

Moreover, De La Cruz said InLife has enabled its agency force to operate more efficiently through the utilization of digital technologies.

InLife executive chairman Nina Aguas lauded the company’s performance and likewise cited its achievements in other areas.

“I am equally happy to mention our non-financial highlights, foremost of which is our ASEAN corporate governance scorecard of 104.53, where the average score is only around 60 points. I consider this a tremendous success especially for a life insurance company to have the ability to fulfill good governance practices and even exceed industry standards,“ Aguas said.

She said the company also garnered international recognitions.