Insular Life Assurance Co. Ltd.’s consolidated net income jumped 179 percent to P4.9 billion last year, marking a record-breaking year for the biggest Filipino-owned life insurer.
In a statement, Insular Life chief executive Nina D. Aquas said “2016 was a record-breaking year in terms of revenues, net income, assets, and net worth,” hence last year was “our best year so far in terms of reinforcing our stability and financial strength.”
“We are No. 2 among 30 life insurance companies in terms of net income and net worth. And in terms of assets, we are No. 3,” Aguas said.
Aguas attributed the jump in net income to “higher gains from sale of shares of stocks and properties, investment income and earnings of the company’s associates.”
“The company’s consolidated revenues reached P25 billion, up 25 percent. Consolidated total assets went up to P129 billion, 22-percent more than P106 billion a year ago. Consolidated members’ equity or net worth amounted P40.3 billion, up 70 percent from P23.7 billion in 2015. The increase in members’ equity can be attributed to the gains in the market value of our equity holdings and higher net income,” she said.