The Philippine American Life and General Insurance Co. (Philam Life) remains confident on the growth of its insurance business this year, seen driven by an expanded sales force and by its bancassurance business.
Philam Life Chief Marketing Officer Jaime Jose Javier said the insurer is expected to continue to expand in terms of sales revenues this year.
He also said Philam Life is focused on its major distribution channels and bancassurance operations this year.
“We have been growing our total premium sales as projected,” he said, without elaboration.
Philam Life and another company, BPI-Philamlife Assurance Corp., have been growing rather fast in recent months.
“Philam Life and BPI-Philam, together, we’re No. 1 in asset, No. 1 in equity and we’re No. 1 in net income. In all metrics outside total premiums, we’re No. 1,” he told the BusinessMirror.
“We’re focused on making sure that the sustainability is there. The products we provide will give more value. We value more the products and the profitability of those products so that we can sustain this business. We need to be here for the next 65 years,” he added.
He said Philam Life posted net income of P5 billion in 2014, while BPI-Philam reported P1 billion to P2 billion in profits.
In 2014 Philam Life’s accumulated assets totaled P226.8 billion. Its net worth rose 11 percent year-on-year to P85.2 billion, while total revenues went up 4 percent to P35.2 billion.