InLife projects surge in new premiums

InLife president and CEO Raoul Antonio E. Littaua

MANILA  -Insular Life Assurance Co. Ltd. (InLife) is seeing a continued surge in new business premiums thanks to increased awareness for need to insure in the aftermath of the pandemic, as well as efficiencies with the use of new technologies in the workplace and in engaging customers.

Raoul Antonio Littaua, InLife president and chief executive, said in a briefing with journalists they expect to exceed their sales target for 2023 as the company recorded a 127-percent surge in the first semester.

Littaua noted that InLife chalked up a total of P1.7 billion in new business annualized premium equivalent (NBAPE) from January to June this year from about P760 million in the same period of 2022.

NBAPE is the global standard used to determine the sales performance of life insurance companies in the country.

Citing data from the Insurance Commission (IC), which is based on reports from the industry players themselves, he said the first-half results boosted InLife to fifth place among life insurers in terms of sales performance, from seventh place as of the end of March.

READ: PH insurance industry’s net income grew by 4.2% in H1

Also, InLife’s sales growth was about 13 times that of the industrywide expansion of 9.6 percent.

“We see this growth momentum [of InLife] being sustained,” Littaua said.

He said profit emergence for a life insurance company would take some time before the remarkable topline growth, amid heavy investments, reflects on the bottom line.

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Littaua attributed their first-semester sales surge to “the continued trust of our policyholders, and the outstanding work that our employees, agency force, and bank partners do every day.” INQ