AIA CEO sees ‘worst is over’ for insurance sector, rosy outlook for 2022

EXECUTIVES of AIA Philippines Life and General Insurance Co. Inc. and its bancassurance arm BPI AIA Life Assurance Corp. expressed confidence of faster growth figures this year as the economy reopens.

AIA Philippines CEO Kelvin Ang said his optimism is based on two factors: “better management of Covid-19 situation and the country’s economic recovery.”

“I believe, while there are still risks, there is [now] a lot more certainty in terms of managing that risks, whether is higher vaccination or medicine,” Ang told reporters in a news conference last Tuesday. “Now with that, I think we are more positive about the 2022 outlook.”

Moreover, Ang said the pandemic also increased the public’s awareness on the importance of health and availing protection from risks through insurance.

BPI AIA CEO Surendra M. Menon agrees with Ang saying he believes there would be less spikes in Covid-19 cases this year compared to 2021.

“I’m very optimistic that the worst is over,” Menon said. “I do expect that we will be able to grow a lot faster than we did in 2021 with a lot less volatility.”

Both executives also believed their decision to implement a re-branding last year helped attract more customers.

AIA Philippines Chief Marketing Officer Leonardo T. Tan Jr. said they plan to put on board this year mental health services, home-based care and ambulance services in their spectrum of offerings. Tan added the firms would soon launch a health wallet and a health identification card.

He said they are eyeing to develop a “local version of global funds” to provide more options for those who want to augment long-term savings plans.

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