By Chino S. Leyco
Locally grown firm Insular Life (InLife) said yesterday the company posted a double-digit growth in revenues last year despite the skyrocketing commodity prices that discouraged investments.
In a statement, Mona Lisa B. De la Cruz, InLife president and chief executive, said the insurer’s consolidated revenues increased by 13 percent last year to P22.2 billion from P19.7 billion in the previous year.
“There were challenges along the way, such as the rapid spike in inflation rates, but thankfully, our revenue sources still posted growth rates,” De la Cruz said.
InLife’s net insurance revenues jumped by 18 percent to P14.38 billion from P12.2 billion, while its operating income amounted to P7.8 billion, also higher by four percent compared with P7.5 billion a year before.
Operating revenues came from investment income, dividend income, property rentals, sale of assets and other forms of income.
Total insurance premiums, meanwhile, rose by 18 percent to P13.98 billion in 2018 from P11.8 billion the previous year.
Among the life insurance companies in the Philippines, InLife ranked second in net worth with P37 billion, third in assets at P130.4 billion, and fifth in net income at P2.3 billion.
De la Cruz noted that its Bancassurance channel also delivered results on its first full year of operation while its agency force ended the year with a strong push.
“Our Bancassurance production grew by 53 percent versus the 10 percent it recorded from year-ago levels,” she said.
Moreover, InLife’s ongoing improvements in its digital technologies enabled its agency force to turn in positive outcome.
“Our continuing enhancements on our automated underwriting system, which remains to be the only such technology in the domestic market, enabled our financial advisers to adapt this technology, which in turn exponentially increased our underwriting capacity,” De la Cruz said.