THE Malayan Insurance Co. Inc. (Malayan Insurance) board of directors has announced the appointment of its new vice chairman, as well as the company’s new president and CEO effective this month.
In a statement issued on Tuesday, Malayan Insurance said Yvonne S. Yuchengco, who was the company’s president and CEO, has been appointed as the new vice chairman of the company’s board of directors effective July 1, 2019, with Paolo Y. Abaya being appointed as Malayan Insurance’s new president and CEO, also effective on the same day.
Abaya was previously the chief operating officer of the company, and before that, the former vice president and general manager of Isuzu Manila Inc.
“The transition to a younger leadership for Malayan Insurance marks a step toward the future as it approaches its 90th year as an industry leader. The move consolidates the company’s strategic efforts to serve the millennial and Gen Z markets, an emerging segment which thrives with a digital, always-connected lifestyle driving their consumer decisions,” the company’s statement said.
Malayan Insurance is the leading nonlife insurance company in the Philippines, rated by AM Best, a global rating authority for the insurance industry.
AM Best has affirmed the company’s Rating with Financial Strength Rating: “B++” (Good), and Insurer Credit Rating “bbb+,” providing the Philippine insuring public with world-class insurance protection and good customer service.
The Insurance Commission (IC) announced in May that the top nonlife insurer for 2018 in terms of gross premiums written is Malayan Insurance with P10.16 billion.
The IC listed the top 5 nonlife insurance companies in terms of gross premiums written for the year: Malayan Insurance, Prudential Guarantee and Assurance Inc., Pioneer Insurance and Surety Corp., BPI/MS Insurance Corp., as well as Charter Ping An Insurance Corp.
Insurance Commissioner Dennis B. Funa clarified that these rankings were based on the submitted unaudited quarterly statistics as of the quarter ending December 31, 2018, by the nonlife insurance companies.
Malayan Insurance, a member of the Yuchengco Group of Companies, retained its market leadership with a reported P10.16-billion gross premiums written for the year 2018, from P9.598 billion in 2017.