AIG Philippines targeting double-digit increase in gross premiums this year
THE AMERICAN International Group, Inc. (AIG) is eyeing to book a double-digit increase in its gross premiums written for this year, its chief executive said.
AIG Philippines President and Chief Executive Officer Mark Lwin said in a recent interview that they are looking at a 10% climb in its top line for 2017.
“Double-digit growth in terms of our top line, our revenue, which again would be gross premiums written for our key insurance metric, and then our bottom line, that’s really where our key focus is,” he told reporters in a recent ambush interview.
At end- 2016, AIG Philippines placed eighth in terms of gross premiums written after its top line stood at P2.578 billion, while it ranked fourth in terms of net income last year with P245.879 million.
Its assets a year ago stood at P5.329 billion, placing it at seventh place among its peers. AIG Philippines’ paid-up capital totalled P996 billion in 2016, putting the company at third place among other non-life insurers.
“Our goal isn’t to be all things all people’s insurer, we want to be a very focused commercial insurer, that’s where our core competency’s is, that’s where we’re looking at the future risks and we have some unique products and we’re focusing on it in this market place here,” Mr. Lwin said.
According to Mr. Lwin, for this year, the insurance firm will be riding on the continued growth of the country’s business processing outsourcing (BPO), infrastructure and energy, financial institutions, and tourism and hospitality sectors for its expansion.
“So those for us are our engines of growth. That’s where we’re really focusing on — some new product capabilities and advisory services for our clients — and we’re very much on track on our growth targets, both our top lines and bottom line for this year,” he said.
Meanwhile, asked on AIG Philippines’ performance for the first quarter, Mr. Lwin said the company is “very much on plan,” although he declined to disclose the figures.