Leading non-life insurance provider Fortune General Insurance Corporation (FGen Insurance) has completed in October 2020 its capital infusion of P300 million, bringing its net worth close to P1 billion at the close of 2020.
Based on its quarterly report submitted to the Insurance Commission (IC), FGen Insurance exceeded the minimum requirement of P900 million set by the regulatory body for all life and non-life insurance companies authorized to do business in the Philippines.
The IC also confirmed that the company attained a Capital Adequacy Ratio of 404 percent, which is way above the IC’s minimum requirement of 100 percent.
Earlier, the Securities and Exchange Commission approved FGen Insurance’s increase in its Authorized Capital Stock, after its Board of Directors approved the raise in its authorized capital stock from P500 Million to P700 Million.
“We are committed to staying compliant with all of our industry regulator’s mandates so that we can continue providing the insurance needs of Filipinos, which is our prime objective,” said FGen Insurance President and Chief Executive Officer Manuel M. Maloles.
For over 65 years, FGen Insurance has been serving the risk management needs of individuals and businesses in the Philippines. A member of the ALC Group of Companies founded by Ambassador Antonio L. Cabangon Chua, FGen Insurance offers a wide array of insurance products, from motor car, property, personal accident, bonds, marine, engineering, casualty, and to other specialized insurance packages.
Moving forward, the company is embarking on major digital infrastructure projects aimed at further strengthening its commitment to better serve the needs of its consumers as it envisions to be the “Trusted Insurer of the Filipino’s Fortune”.
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