Insular Life (InLife), the country’s largest Filipino life insurer, has raised its capital requirement ahead of the Insurance Commission’s (IC) deadline.
In a statement, Nina D. Aguas, InLife executive chairman, said the company will infuse P600 million into its total member’s equity, effectively raising its total net worth to P1.5 billion by November 30 this year.
Agua said InLife’s P1.5 billion capital is more than the P1.3 billion minimum available total members’ equity requirement of the IC by December 31, 2022.
“The Board approved the increase in the Company’s Total Members Equity by P600 Million from the present P900 Million to P1.5 Billion, in full compliance with IC Circular Letter No. 2019-67 as amended,” Aguas said.
The IC Circular 2019-67 mandates all life insurance companies to have a minimum available net worth or members’ equity of P900 million by December 31, 2019, and P1.3 billion as of December 31, 2022.
“The foregoing action signifies InLife’s commitment to support the Insurance Commission’s thrust to strengthen the insurance industry,” Aguas said.
“We want to assure our policyholders and the public that Insular Life remains to be their strong and dependable partner in planning their financial security, ” she added.