Insular Life (InLife), the country’s first and largest Filipino-owned life insurer announced a 35% gain in its consolidated net income as it rode on the back of strong consumer spending with the local economy opening post pandemic.
InLife, during its Annual Members’ Meeting held online recently, announced that it closed 2022 with a consolidated net income of P5.2 Billion, vs P3.87 Billion in 2021. Its 2022 consolidated total revenues went up by 12% to P25.9 Billion from P23.2 Billion in 2021.
Consolidated Members’ Equity also went up by 18% to P50.6 Billion, compared to the previous year’s P42.8 Billion.
“We credit the significant improvement in our sales performance to the commitment of our Agency, Bancassurance, and Group Business. The men and women behind our distribution channels champion the noble mission of helping Filipinos achieve their financial goals and secure the best future for their families,” said InLife President and CEO Raoul Antonio E. Littaua.
InLife also registered a 43% increase in its New Business Annualized Premium Equivalent with P1.9 Billion. This represents the highest growth in the top 10 life insurers and an improvement in its ranking from its former 12th place to 9th place.
He said that based on the latest ranking released by the Insurance Commission, InLife ranked 2nd in net worth, 3rd in net income and 4th in assets. He added that these attest to InLife’s financial stability and its capability to deliver its commitments to its policyholders when they become due.
In 2022, InLife paid P9.35 Billion in gross benefits and claims, which translates to an P19% decrease, owing to a substantially lower death and health claims experience.
Meanwhile, to gain an outside-in perspective of its customers, InLife launched the Voice of the Customer Program. This monitors its customers’ goals, needs, preferences, and expectations so it can craft relevant products and services for them. To this end, InLife launched the Wealth Assure Plus, a customizable life insurance plan with investment component that provides higher protection benefits and higher fund growth. It launched the InLife App, a mobile app that makes it easier for policyholders to access and manage their policies and connect with InLife. It also rolled out its pioneering InLife Agency Model with a more flexible agency structure and one of the most attractive compensation packages in the industry.
“We are a 112-year old company and we stand firm in our mission of providing a full range of high-value insurance products and other related services to empower families to attain financial security. We will continue to forge ahead by magnifying customer centricity throughout the organization and transforming Environmental, Social, and Governance principles into action, while strictly adhering to the highest principles of corporate governance,” said Littaua.
