Insular Life income rises
INSULAR LIFE Assurance Company, Ltd. reported a fresh banner year in 2017, with sustained income growth supported by a wider distribution network via bancassurance as well as a fully-digital sales system.
The life insurer said its consolidated net income reached P5.03 billion in 2017, posting a two percent increase from P4.9 billion the previous year. The growth, however, is softer than the 179% surge posted in 2016 after it sold stocks and properties.
Consolidated total assets expanded to P135.9 billion, up by five percent from P130 billion from a year ago, Insular Life said in a statement yesterday. The firm’s consolidated net worth also grew to P36.5 billion, up by 12% from P32.7 billion year-on-year.
Meanwhile, its parent firm posted a P4-billion net income for 2017, nine percent higher than the P3.7 billion raked in the previous year. Total assets increased to P140 billion while net worth grew by 13% to hit P41 billion.
The bigger bottom line came as the insurance firm digitized its processes, which they said helped improve efficiency and user experience while also trimming operational costs.
“We embarked on the digitalization of our processes and this translates to rendering better services for our policyholders,” Mona Lisa B. dela Cruz, Insular Life president and chief executive officer, was quoted as saying in the statement.
The insurer said it can carry out a fully-automated, end-to-end online sales process within 30 minutes.
Insular executive chairman Nina D. Aguas added the firm targets to be the “most digitally connected company” in their sector over the next five years.
Insular Life also expects a boost from its bancassurance deal with the UnionBank of the Philippines in 2017, which will allow the life insurer to secure new clients through the Aboitiz-led bank’s branch network for the next 15 years.
Insular Life is the seventh-biggest life insurance firm in terms of premium income and the third in asset terms, according to data from the Insurance Commission. —