INSULAR Life Assurance Co. Ltd. announced its gross premiums written (GPW) grew by about 53 percent year-on-year in the first quarter.
Insular Life President and CEO Raoul E. Littaua on Tuesday said the company’s GPW reached P3.5 billion in the first three months of this year, higher than the P2.3 billion it recorded n the same period in 2020.
Meanwhile, Littaua also said the insurance firm’s new business annual premium equivalent (Nbape) also increased by almost 42 percent to P422.2 million in the first quarter of this year from P297.4 million a year ago.
Littaua said in an online news media briefing the growth rate of the firm’s gross premiums for January to March is higher than the life insurance industry’s 37 percent increase. He added the firm’s Nbape increased even as the industry’s Nbape dipped by three percent.
With the Nbape figure, Littaua said their ranking improved three notches and remained in the top 10 in the life insurance industry group. He added they ranked second in terms of net worth after the company cornered a 15.5-percent market share.
Moreover, Insular Life also placed third in terms of net income while it also took the fourth spot in terms of total assets.
Moving forward, Insular Life aims to reach more Filipinos in the next five years as well as to focus on the market of the future: Millennials and Gen Z.
To help spread the benefits of insurance to more Filipinos, Littaua explained they plan to be “the industry’s only complete provider of risk protection services: life insurance, health coverage, group insurance and non-life insurance.”
Littaua also vowed that they will continue to leverage on technology to better serve clients.
“We are in business not just to generate premiums, but more importantly, to make a difference in the lives of our fellow Filipinos amidst this pandemic,” Littaua said. “And as we mark our 111th anniversary this November, our purpose to provide a lifetime for good to our fellow Filipinos remains the same.”