By Chino S. Leyco
Hong Kong-listed AIA Group Ltd. unveiled yesterday its three-year investment program for its local affiliate Philam Life that aims to expand the latter’s business reach in the Philippines as well as increase the number of its agency force.
Ng Keng Hooi, AIA Group president and chief executive, said that they are investing P3 billion over the next three-years in Philam Life to “solidifying” the local insurer’s position as one of the leaders in the life insurance business in the Philippines.
Ng said AIA’s investment will be used to expand Philam Life’s operations by “nurturing and developing a new breed of full-time and highly professional leaders” and “to help address the protection gap in the Philippines.”
“AIA has proven its strength and stability in Asia for the past century,” Ng said.
“The scale, quality and breadth of our exceptional businesses across the Asia-Pacific region, combined with our unrivalled distribution capabilities, trusted brand, financial strength and innovation capabilities, enable us to meet the evolving needs of our customers for protection and long-term savings as we help them live Healthier, Longer, Better Lives,” he added.
Jacky Chan, AIA Group Regional chief executive, meanwhile, expects continued business growth of Philam Life due to favorable local market condition.
“We remain confident of the long-term outlook in the Philippines. Protection gap is currently at P1.5 trillion, and is expected to balloon up to P2.7 trillion by 2020, while the insurance penetration rate remains in the single digit at less than 2.0 percent,” Chan said.
“This, combined with its relatively steady GDP growth and growing middle class, tells us that all indicators point to a resilient Philippine economy with a lot of potential,” he added.
For his part, Kelvin Ang, Philam Life chief executive, vowed to accelerate the company’s agency force to reach more Filipinos and developing products addressing customers’ needs.
"The unique development program targeting 5,000 elite leaders is a long-term strategy that will contribute to sustainable growth in the business. At the same time, our thrust to help close the protection gap of the country will ensure that we stay true to our brand promise of helping Filipinos live Healthier, Longer, Better lives," Ang said.
Along with the three-year investment program, Philam Life also noted that they will launch “a game-changing program that will provide them with capital support and accelerated career path, at the same time develop solutions to help address the protection gap in the Philippines.”