Insular Life revenues reach P22 B

Insular Life (InLife), the country’s largest Filipino-owned life insurer, earned P22.2 billion in consolidated revenues in 2018, a 13-percent growth compared with P19.71 billion from last year. The Company disclosed its financial performance during its Annual Member’s Meeting (AMM) held recently.

The Company’s net insurance revenues of P14.38 billion was up 18 percent from P12.2 billion, while its operating revenues of P7.8 billion was 4 percent higher than the P7.5 billion reported in 2017.

InLife’s operating revenues came from investment income, dividend income, property rentals, sale of assets and other forms of income.

Total insurance premiums grew 18 percent to P13.98 billion in 2018 compared with P11.85 billion the previous year.

“There were challenges along the way, such as the rapid spike in inflation rates, but thankfully, our revenue sources still posted growth rates,” said InLife President and CEO Mona Lisa B. De la Cruz. Among the life insurance companies, InLife ranked second in net worth at P37 billion, third in assets at P130.4 billion, and fifth in net income at P2.3 billion. Ms. De la Cruz noted that its Bancassurance channel is now delivering results on its first full year of operation while its agency force ended the year with a strong push.

“Our Bancassurance production grew by 53 percent versus the 10 percent it recorded from year-ago levels,” she said.

Moreover, InLife’s ongoing improvements in its digital technologies enabled its agency force to turn in positive outcome.