The Insular Life Assurance Co. Ltd. announced it paid P3.9 billion in claims and benefits in 2020.
Insular Life President and CEO Raoul E. Littaua said most of the claims paid were for living benefits, composed of anticipated endowments, cash allowances, annuities and maturity benefits to policyholders themselves.
Of the total, 84.5 percent of all claims amounting to P3.2 billion and $1.9 million for dollar policies were for living benefits.
On the other hand, company, death and disability claims in 2020 amounted to about P591.72 million.
“People might think that life insurance proceeds are for last expenses only, or for death claims. But the reality is that an overwhelming majority of benefits pay-out are for the insured themselves, so that they can use their funds at a time like this,” Littaua said.
“This only shows how powerful life insurance can be in terms of its ability to save money and grow it over time,” he added.
Littaua also said they make sure that all valid claims are paid as soon as possible.
“It is the ultimate test of our core purpose, why we exist as a company,” he said.
Since the pandemic last year up until the first half of this year, Littaua said the company has introduced product innovations that are focused on health and protection.
“As the economy recovers, people would look to resuming their saving and investment activities. We can help them navigate through the various funds depending on their risk appetite. Included in our portfolio are global funds which currently are bringing in double-digit returns.” Littaua added.
Insular Life is the country’s largest Filipino life insurer and the only mutual life insurance company in the Philippines. As a mutual life company this means that it is owned by its policyholders.
In 2020, Insular Life posted a net income of P2.7 billion and a premium income of P10.37 billion, based on its submitted unaudited Quarterly Reports on Selected Financial Statistics to the Insurance Commission.
Its net worth stood at P28.22 billion while its total assets reached P140.93 billion.
A week ago, Insular Life announced it garnered an award from Singapore-based Charlton Media Group Pte. Ltd. for the fifth consecutive year as “Domestic Life Insurer of the Year-Philippines.”
“The award affirms [the firm’s] purpose of providing a ‘lifetime for good’ as it continues to serve Filipinos amidst the Covid-19 pandemic by delivering on its promises to its policyholders through payment of claims and benefits and continuous servicing via digital applications,” the insurer said in a statement.
Insular Life said it kept all its employees with full salaries and benefits while on varying work arrangements.
“It monetized the incentive trips and awards, as well as cash gifts to its agency force to help them adjust to the economic setbacks,” the insurance firm said. “For the bigger community, it fed depressed communities, distributed medical necessities to frontliners in hospitals, and provided free insurance and medical protection to medical as well as to other essential workers.”