The country’s oldest and largest insurer Philippine American Life & General Insurance Co. (Philam Life) posted a significant growth in earnings in 2011, despite starting the year slow, as it revitalized its workforce and revamped its product line.
In a statement, Philam Life said its net income reached P7.3 billion for the year, up by 79 percent from 2010.
“Key to our growth was our revitalized agency sales force,” Philam group president and CEO Rex Mendoza said in a statement.
“Philam Life continues to have the largest life insurance agency distribution network in the Philippines, with over 5,000 agents in key cities and provinces nationwide,” he added.
The company’s asset base continued to widen to P176.48 billion at the end of 2011. The company’s capitalization, meanwhile, remained at P2 billion, the highest in the industry and more than double the level of its nearest rival.—Paolo G. Montecillo