THE Insular Life Assurance Co. Ltd. (Insular Life) it paid lesser gross benefits and claims last year as it observed a “substantially” lower death and health claims experience from its clients.
Considered as the country’s first and largest Filipino-owned life insurer, Insular Life said last Wednesday it paid P9.35 billion in gross benefits and claims last year, about 19-percent lower than the P11.52 billion it paid in 2021.
Meanwhile, the insurer said its total amount of new business annualized premium equivalent rose last year by an annualized rate of 43 percent to P1.9 billion.
“This represents the highest growth in the top 10 life insurers and an improvement in its ranking from its former 12th place to 9th place,” Insular Life’s statement read.
Furthermore, the insurer said its consolidated net income in 2022 rose by more than a third to P5.2 billion from P3.87 billion in 2021.
Insular Life attributed the 34.36-percent increase in its full-year consolidated net income to “strong” consumer spending fueled by the reopening of the country’s economic post-Covid-19 pandemic.
Based on documents published by Insular Life on its website, the insurer’s consolidated net income last year was the highest in at least 22 years or since 2006.
Likewise, the insurer’s consolidated revenue rose by about 12 percent on an annual basis to a 22-year-high of P25.9 billion, eclipsing its previous record level of P24.9 billion that it registered in 2016.
Insular Life’s consolidated revenues in 2021 was at P23.2 billion.
Furthermore, Insular Life said the consolidated members’ equity also went up by 18 percent to P50.6 billion, compared to the P42.8 billion recorded in 2021.
“We credit the significant improvement in our sales performance to the commitment of our agency, bancassurance and group business. The men and women behind our distribution channels champion the noble mission of helping Filipinos achieve their financial goals and secure the best future for their families,” Insular Life President and CEO Raoul Antonio E. Littaua was quoted in the statement as saying.
Citing the ranking released by the Insurance Commission, Littaua said Insular Life is now ranked second in net worth, third in net income and fourth in assets.
“These attest to Insular Life’s financial stability and its capability to deliver its commitments to its policyholders when they become due,” he added.
However, Insular Life’s consolidated assets last year declined slightly to P148.5 billion from P149.8 billion in 2021.