MANILA -Insular Life (InLife) reported a 35-percent surge in its consolidated net income which reached P5.2 billion in 2022 while consolidated revenues jumped 12 percent to P25.9 billion amid strong consumer spending and reopening of the Philippine economy.
In 2021, InLife’s consolidated net income amounted to P3.87 billion while consolidated revenue hit P23.2 billion.
Also, consolidated members’ equity went up by 18 percent to P50.6 billion from P42.8 billion.
Further, the company paid P9.35 billion in gross benefits and claims, the amount falling by 19 percent which was attributed to lower death and health claims.
“We credit the significant improvement in our sales performance to the commitment of our agency, bancassurance and group business,” InLife president and chief executive Raoul Antonio Littaua said in a statement.
“The men and women behind our distribution channels champion the noble mission of helping Filipinos achieve their financial goals and secure the best future for their families,” he said.
The CEO said that with InLife growing fastest among the country’s top 10 insurers, their performance in 2022 raised their ranking to ninth place from 12th.
He added that based on the latest ranking released by the Insurance Commission, InLife ranked second in terms of net worth, third in net income and fourth in assets.
“These [rankings] attest to InLife’s financial stability and its capability to deliver its commitments to its policyholders when they become due,” Littaua said.
Going forward, InLife has launched its Voice of the Customer program, which. monitors its customers’ goals, needs, preferences and expectations so it can craft relevant products and services for them. InLife also launched Wealth Assure Plus, a customizable life insurance plan with an investment component that provides higher protection benefits and higher fund growth.
Also rolled out were the InLife App and the InLife Agency Model with a more flexible agency structure and one of the most attractive compensation packages in the industry.
“We are a 112-year old company and we stand firm in our mission of providing a full range of high-value insurance products and other related services to empower families to attain financial security,” Littaua said. INQ
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