Insular Life Assurance Company Ltd. said its 2017 net income for 2017 breached the P5-billion mark, a first in the company’s 107-year history.
Based on its audited financial statements as of Dec. 31, 2017, consolidated net income reached P5.03 billion, growing 2 percent from P4.9 billion in 2016.
“We are happy to report to our policyholders that Inlife’s operation has been that of sustained profitability all through these years, and 2017 was not an exception. Coming from a record performance in 2016, we used that momentum to consolidate our operation in 2017 into breaching the P5-billion mark,” said Mona Lisa B. dela Cruz, Insular Life president and CEO.
The company’s consolidated total assets grew 5 percent year-on-year to P135.9 billion from P130 billion. Consolidated members’ equity or net worth rose 12 percent to P36.5 billion from P32.7 billion.
The parent company, on the other hand, generated a net income of P4 billion, up by 9 percent from P3.7 billion in 2016, its assets rose by 5 percent, from P133.2 billion in 2016 to P140 billion in 2017, and its net worth of P41 billion was 13 percent higher than the 2016 level.
“There are a number of businesses that are encroaching into the financial arena, not just enticing new customers, but also raising customer expectations for customized and targeted experiences,” said Dela Cruz. “This is why innovation and technology had a big impact on the company’s initiatives in 2017.”