PPLIC aims to surpass 2010 collections

MANILA, Philippines—Philippine Prudential Life Insurance Company Inc. (PPLIC) reported Monday it had sustained growth in premium collection in the first quarter. This, it said, indicated a promising 2011, in terms of surpassing its 2010 collections.

In a statement, PPLIC said it collected P234.4 million in premiums in the first quarter, up by 26 percent from the P186.3 million registered in the same period last year.

Last year, the insurer collected P890.89 million in premiums, jumping by 31 percent from P680.73 million in 2009.

PPLIC said its premium collection had been rising steadily and significantly since 2005, crediting company efforts to reach out to more potential clients.

“Over the years, we have seen steady growth and expansion, keeping us solid and stable. However, it has been in the last five years that our hard work and prudent management have brought about rather spectacular results despite recent worldwide and local business challenges,” PPLIC president George Mercado said in the statement.

Policyholders of PPLIC have already exceeded the 1.5-million mark, the insurer said, saying the increase in its client base was partly due to the wide range of products it offers.

Besides regular insurance, it also sells healthcare coverage, education and pension policies, endowments plans, and group insurance, among others.

PPLIC also reported that its assets as of end-2010 reached P681 million, marking a 16.2-percent increase year on year.

Moreover, its “legal policy reserves” stood at a little over P351 million as of end-2010, up from about 282 million as of end-2009. Legal policy reserves are money, managed and temporarily invested, to be used for future claims.