Insular Life profit up 21%

THE COUNTRY’S largest Filipino life insurer, Insular Life Assurance Company Ltd., reported a consolidated net income of P2.9 billion in 2014, up by 21 percent from the previous year.

At the annual members’ meeting of the insurance company, Insular Life chair and chief executive officer Vicente R. Ayllon reported on the gains of the Insular Group, led by Insular Life, which posted P11.9 billion in total premiums, up by 6 percent. New business premiums also increased by 7 percent to P7.9 billion.

Insular Life was one of only four top life insurers that posted growth in 2014.

“We had a slow start in 2014, but we had a tremendous rebound beginning middle of the year, that enabled us to surpass our previous year’s premium income,” Ayllon said.

He said the growth was attributed to the improved productivity of the company sales force, new product investment-linked products and the company’s efforts to educate the public on the value of financial management.

Insular Life launched five new products in 2014, three of which were single pay investment-linked insurance products.