Insular Life bullish about 2021 growth prospects
Insular Life Assurance Co. Ltd. (InLife) is optimistic that it will sustain the strong growth performance it posted during the first four months under the helm of its newly appointed chief.
“Our sales metrics are very encouraging. Our first-trimester results are giving us double-digit growth in agency and group sales,” InLife president and chief executive Raoul Littaua said in a statement on Friday.
Littaua was recently promoted from his previous position as the head of agency distribution and bancassurance, which he held for two years.
InLife said its overall first-year premium jumped 182 percent year-on-year during the January to April period.
New business policies climbed 48 percent year-on-year, while corporate sales grew 11 percent as of end-April.
From January to May, meanwhile, InLife’s bancassurance arm had “gone through the roof” as first-year premium soared 499 percent year-on-year, Littaua said. “In terms of APE [annualized premium equivalent], this is equivalent to 332 percent on the heels of a 316-percent growth in policy count.”
“I am very pleased that this year we are on track to a big bounce forward after taking a hit from the effects of the pandemic last year,” Littaua said.
“This year, our financial advisers have adjusted well; they are maximizing our digital end-to-end platforms while learning to coexist with the virus for the time being. And it has had a ripple effect.
By taking care of our own people, we have become an attractive destination for both seasoned and high-potential financial advisors aside from prominent business partners,” he added. INQ
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