Insular Life income up 12%

Filipino life insurer Insular Life reported an all-time high consolidated net income of P2.9 billion in 2011, solidifying its position as one of the most profitable life insurance companies in the country.

The 12-percent growth in net income was the result of higher premiums and sustained strong investments in 2011.

It also posted P15.5 billion in consolidated revenue, of which net insurance revenue contributed more than half and the rest came from investment income, equity in net earnings of associates and rental income from various real property holdings.

At the recent annual members’ meeting of the company, Insular chairman and chief executive officer Vicente R. Ayllon stressed the company’s consistent track record in the last five years.

“The fact that Insular Life has been able to consistently grow its bottom line above the P2 billion mark in the past five years amid an unpredictable and economically turbulent environment is a solid proof of our determination and focus on delivering on our strategic priorities.”

Ayllon said that among the company’s priorities were developing customer-centric products and responsive customer service initiatives. Five new products were launched in the market in 2011—a limited-pay health insurance plan, a single-pay variable unit-linked insurance plan, a limited-pay endowment plan and a limited pay anticipated plan.

He also attributes the company’s growth to its increasing number of sales force, which grew by 8 percent to more than 2,200 licensed agents. The agency distribution channel and other distribution partnerships generated new business premiums amounting to P3.6 billion, up by 12 percent, while total premiums reached P7.6 million, up by 4 percent.

Consolidated assets grew 12 percent to P80.5 billion from P72.0 billion in 2010. Members’ equity increased by 20 percent to P20.7 billion from P17.2 billion.

Total policyholder benefits and operating expenses hit P12.3 billion.