THE Insular Life Assurance Co. Ltd. (Insular Life) announced last Tuesday it remained among the top five life insurers in terms of net worth, net income and assets.
Unaudited quarterly reports submitted to the Insurance Commission (IC) shows that the Insular Life posted a net worth of P49.39 billion, net income of P3.96 billion and total assets of P144.59 billion.
“[Our] firm position in terms of net worth, net income and assets indicates our financial stability and our capability to deliver our obligations to our policyholders,” Insular Life President and CEO Raoul Antonio E Littaua was quoted in a statement as saying.
“In addition to our high ranking in the industry which is dominated by foreign companies, our huge investments in digitalization and strong customer focus show our commitment to help Filipinos achieve their financial goals,” Littaua added.
The executive further said the firm leverages its 112 years of service “to amplify our mission to spread the benefits of life insurance to Filipinos and in turn contribute to nation-building.” Net worth, net income and assets are among the top measures of a company’s financial stability. Net worth is calculated as total assets less total liabilities, Littaua explained.
Furthermore, net income or net earnings refers to the profit earned after deducting expenses and taxes. Assets account for all the available properties of every kind and possessions that will provide future benefits for the company.
With almost P2 billion in new business annualized premium equivalent (NBAPE), Insular Life has improved its ranking in this measure of sales performance to ninth place in 2022 from 12th place in 2021.
In the list of Top 10 life insurers, Insular Life registered the highest growth rate of 43 percent in NBAPE, Littaua said.
