Insular Life consolidated revenues up

MANILA, Philippines - The Insular Life Assurance Co. Ltd. has posted higher consolidated revenues of P19.93 billion in 2015.

Insurance revenues grew by six percent to P13.59 billion.

In a statement, Insular Life said consolidated assets rose five percent to P106.15 billion from P101.35 billion in 2014.  Net worth expanded four percent to P23.72 billion from P22.85 billion the previous year.

Despite the market volatility in 2015, the Insular Life group ended the year with a consolidated net income of P1.77 billion from P2.95 billion in 2014.

“The decline in net income was primarily due to reduced profit from the sale of property and equities, and lower equity in net earnings of associates.   Insular Life landed at number four in the industry ranking based on net income,” Mona Lisa B. de la Cruz, Insular Life president and chief operating officer, said.

De la Cruz added that Insular Life ranked number two in net worth, number three in assets, number four in net income and number seven in premium income.

“Equally important as the numbers, is how the company continually creates added value for its policyholders.  We now have a new core policy administration system, the HP Ingenium.  Through Ingenium, most of our core processes are now automated, resulting in faster and more convenient customer servicing.  

This will make our operations even more responsive in enhancing our market competitiveness,” she added.

Insular Life broke new ground with the Automated Underwriting System or the AUS in 2015.  

The AUS is a system that allows for a fast, paperless online completion of application for a new policy.  

With the AUS, prospective policyholders have to simply fill out an application form through their iPad or laptop, and get an underwriting decision immediately, with the help of their agents.

Insular Life chief executive officer Nina Aguas said the ASEAN integration and shifts within the industry can not be ignored.

“We need to have an organization that is responsive and can operate and compete within the redefined playing field. We will consider the proper organization structure, work at leveraging our partnerships and alliances, reinvent within the digital and financial technology world, and build and strengthen the capabilities of our people. Our policyholders must see a differentiated and bespoke customer experience,” Aguas added.