In a hybrid press conference April 4, Renato Vergel De Dios, BDO Life president and CEO, announced the target of 10 percent growth for this year in terms of New Business Annual Premium Equivalents (NBAPE).
Sustaining its “May Plan B ka na ba” campaign, BDO Life is upping its target by end of this year in NBAPE, the measurement in new life insurance sales. The target is four notches high than its 6 percent growth in 2023.
Biggest growth was posted two years ago with 49 percent increase two years ago. This dropped to 14 a year later, both of which came at a time when COVID-19 was still rattling both the medical and insurance industries.
The two-year decline in its new sales was attributed mainly to interest rates.
“The six percent was also impacted by high interest rates. You win some, you lose some. Eventually will rebound and we will get there,” said Vergel De Dios.
BDO Life is a wholly-owned subsidiary of BDO Unibank, Inc. the country’s largest bank. In 2023, BDO posted a P73.4 net income.
Vergel De Dios said that there is a need to continue to educate people to buy their needs like insurance and not their wants.
“Life insurance is your Plan B, the safety net that will enable your family to recover from the grief after you pass away without being burdened by immediate financial worries. It is in those crucial moments when BDO Life unleashes Plan B to help your family and keep their financial dignity intact,” Vergel De Dios said in a previous press statement.
To help Filipinos appreciate the value and use of life insurance, BDO Life launched a campaign about its Plan B concept. If Plan A consists of savings and investments, Plan B takes the form of life insurance which takes into effect when Plan A fails.
