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Manila Bulletin devider Business devider Banking & Finance devider InLife doubles income from new clients

InLife doubles income from new clients

Published Jul 20, 2023 03:11 am
Insular Life (InLife) reported that it earned more than double revenue from new clients in the first quarter of the year driven by the company’s focus on fulfilling their policyholders' needs and ensuring their satisfaction. Raoul Antonio E. Littaua, InLife president and chief executive officer, said the insurer’s new business annualized premium equivalent (NBAPE) reached P818 million from January to March, an increase of 113 percent compared to the previous year. Littaua added that InLife's NBAPE, which represents the estimated value of new premiums generated in a year, exceeded the industry's growth rate of 18.16 percent. He also said InLife climbed from the ninth position in the last quarter of 2022 to the seventh position in NBAPE in the first three months of 2023. “InLife stays true to our mission to help Filipinos secure the best future for themselves and their families,” Littaua said in a statement. “Our strong sales performance this first quarter will further inspire us to carry on with our advocacy to spread the benefits of life insurance and financial planning to as many Filipinos,” he added. Based on the latest report from the Insurance Commission, InLife maintained its position among the top five life insurance companies in the country in terms of net worth, assets, and net income. In the first quarter, InLife, being the largest Filipino life insurer, recorded a net worth of P52.8 billion, assets amounting to P149.2 billion, and a net income of P591.6 million. Despite being in an industry dominated by foreign companies, Littaua noted that InLife attained the second position in net worth, fourth in assets, and fifth in net income. “InLife’s industry position in terms of net worth, assets and net income attests to our financial stability and strong capability to deliver our obligations to our policyholders,” Littaua said. “But beyond our financial position, InLife leverages on our 112 years of experience in financial protection, savings, investments, and retirement to help Filipinos achieve their dreams,” he added. Net worth, assets, and net income are key measures used to evaluate a company's financial stability, according to InLife.
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