Screengrab from https://www.philamlife.com/en/index.html
MANILA, Philippines — Philippine American Life and General Insurance Co. (Philam Life) last year saw gross premiums rise by almost a third as demand for its new products picked up strongly.
In a statement, Philam Life said gross premiums in 2013 reached P20.1 billion, up 31 percent from P15.4 billion in 2012. New business jumped 62 percent to P11.8 billion last year.
The life insurance company attributed last year’s growth to “new business generation, strengthened distribution network, unit-linked products driven across channels, and upgraded facilities and systems for best-in-class customer service.”
“We had a winning year in 2013, mainly as a result of our efforts to drive new business amidst the Philippines’ strong economic fundamentals. We aim to build on this success in 2014 with strategies that continue to be attuned to the needs of Filipinos,” Philam Life chief executive Rex Ma. A. Mendoza said.
Last year, Philam Life launched two new unit-linked products: life protection plan Family Provider, and life insurance and savings plan MoneyWorks. The company also rolled out iPad-based sales tool Interactive Point of Sale (iPoS), and renovated a number of its customer service centers nationwide, some of which now have VIP lounges.
Early this year, Philam Life introduced unit-linked product Health Invest, which, according to the company, would address the lack of financial preparedness of most Filipinos for potential health problems.
Philam Life provides a wide array of products catering to a range of financial needs, such as education, health insurance, investment, life protection, retirement, savings, group and credit life insurance.
Philam Life is a member of AIA Group Limited, which claims to be the biggest independent publicly listed life insurance group in the Asia-Pacific region.
Hong Kong Stock Exchange-listed AIA recently reported that its Value of New Business (VONB) during the first quarter of the fiscal year ending February grew 22 percent to a record $354 million.
“The consistent execution of our growth strategy has again delivered a strong operating performance, building on our established track record of profitable growth, to achieve our highest-ever first quarter VONB figure,” AIA president and chief executive Mark Tucker said.
“AIA’s geographically diversified portfolio of growth businesses is exceptionally well-placed to benefit from the structural demographic growth drivers in Asia. Large-scale population expansion and significant increases in household wealth combined with low levels of social welfare and existing private provision create a substantial and growing need for long-term savings and protection cover. This makes Asia one of the most attractive and resilient regions for life insurance in the world,” Tucker added.
AIA operates in 17 countries in Asia-Pacific, serving over 28 million individual policy-holders and more than 16 million members of group insurance schemes.
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