CLARK FREEPORT—Insular Life (InLife) demonstrated “strong growth” amid the COVID-19 pandemic, as gross written premiums reached P3.5 billion in the first quarter of 2021 from P2.3 billion in the same period last year.
The growth attained 53 percent, according to InLife president and CEO Raoul Littaua, in an online briefing on Tuesday.
Annual premium equivalent grew at 42 percent or P422 million in the first quarter of the year.
Industry-wide, Littaua said InLife ranked second in terms of net worth, third in net income and fourth in total assets.
The goal in five years, he said is to “reach more Filipinos become members of a vibrant InLife community.”
Littaua said the 111-year old company prides itself as the only mutual insurer in the Philippines, meaning its policy holders are co-owners.
For the 111th anniversary this November, he said the firm is committed to “touch the lives of more Filipino women” through InLife Sheroes.
The program helps women through financial education and risk management, health and wellness, women-specific solutions, and access to business and social networks.
Its corporate social responsibility arm, Insular Foundation, has spent P10 million on projects including giving free insurance and medical protection to medical and essential workers.
Littaua said InLife is transitioning from traditional indemnification to prevention. “We are in a very good position to move to health protection and caregiving. The COVID-19 pandemic,” he said, “caused a surge in demand for protection products.” – PNN