Insular life profit up 23 percent in 2010

Philippine insurance giant Insular Life posted a 23-percent increase in its consolidated net profit last year to P2.6 billion on higher revenues from insurance and investment operations.

Insular Life said total revenue grew by 21 percent to P15.2 billion in 2010, its 100th year of operations.

The bulk of the revenue came from net insurance income and investment income, which amounted to P8.4 billion and P4.97 billion, respectively. This was reported by Insular Life chairman and CEO Vicente Ayllon to policyholders present during the company’s annual meeting held recently in Filinvest Corporate City, Alabang, Muntinlupa City.

Total policyholder benefits and operating expenses amounted to P12.3 billion. Total life insurance business-in-force reached P200 billion. Consolidated assets rose 14 percent to P72 billion.

“The sturdy performance of the domestic economy, the global market recovery, and being fueled by a highly motivated employee and sales force made it possible for the company to post its most remarkable performance in its 100-year history,” Ayllon said.—Doris C. Dumlao