Insular Life’s sales at historic high of P1.8 B in first semester

MANILA, Philippines—Insular Life has reported historic-high sales in the first half of the year, crediting the company’s introduction of new products at a time when incomes have been generally growing and the economy has been recovering from the latest global turmoil.

In a statement, Insular Life said it generated P1.8 billion in sales of new insurance policies in the first six months of the year, more than doubling the estimated P880 million registered in the same period in 2010.

“We introduced a number of innovative products during the first semester providing risk protection as well as long-term investment opportunities. They all met and exceeded our expectations,” said Insular Life chair and chief executive officer Vicente Ayllon.

The new products launched by the insurer in the first half included the following: i-Heal (for the funding of long-term care needs), the Variable Returns Asset for Retirement Security, i-Aspire (a savings products), and the Peso Advantage 5 (a five-year anticipated endowment policy).

Last year, Insular Life celebrated its 100th year of operation in the Philippines.

Ayllon said the company enjoyed a profitable business environment in 2010, and has been expecting to continue doing so in 2011, given improving economic conditions.

“Our company will continue to be a prime mover and major leader in life insurance,” Ayllon expressed confidence.

Insular Life, in partnership with its non-life affiliate MAPFRE-Insular, is one of the few companies accredited to officially provide life and non-life insurance coverage to overseas Filipino workers (OFWs) under Republic Act 10022, otherwise known as the Migrant Workers Law.

The company said the significant room for growth in the sale of insurance among OFWs gave the company confidence of sustaining a robust rise in its income over the short to medium term.