AIA Philam Life assured it remains financially strong and stable despite the economic challenges brought about by the coronavirus-induced downturn, allowing the insurer to better manage market uncertainty.
Gary Ogilvie, AIA Philam chief financial officer, said the company’s financial strength, through its assets and net worth, remained robust throughout the year with no significant impact from the COVID-19 pandemic.
Ogilvie said AIA Philam’s new business results—measured as annualized new premiums—continued to improve in the third quarter, reflected in the strong double-digit growth compared with the previous year.
AIA Philam is also pleased with its product mix and shift to protection and related improvement in new business margins, the official added.
“We remain confident of the opportunities ahead, with the low insurance penetration rate, and our strategy coupled with an increased awareness of health risks and the value of protection following the pandemic,” Ogilvie said.
While uncertainty remains in the market, Ogilvie said he sees a glimmer of light at the end of the tunnel due to reduction in COVID-19 case levels in the country and recent vaccine announcements.
“The second-quarter was challenging with the full ECQ [enhanced community quarantine] lockdown impact but we are seeing an initial recovery in the third-quarter,” Ogilvie said.
“We remain cautious but positive on the long-term potential of the Philippine market, particularly with the structural drivers of growth for insurance sales, and low level of insurance penetration,” he added.
Amid positive prospects, AIA Philam, in partnership with AIA Investment Management Pte. Ltd. (AIA IM), recently launched its new product offerings with Elite Funds, a global fund that aims to address the long-term savings needs of customers.
Mark Konyn, AIA Group chief investment officer, said Elite Funds offers options to customers depending on their risk appetite, Adventurous Fund, Balanced Fund, and Conservative Fund.
These funds are sub-managed by leading global investment managers Baillie Gifford, Wellington Management, and Blackrock, Konyn said.
“A first to market approach in the Philippines, the Elite Fund portfolios range provide unit linked customers access to global investment strategies managed by best in class fund managers,” Konyn said.
“AIA’s experienced team of investment professionals monitor the funds and strategies in the same way we manage our own money. We invest alongside our customers using the same best in class fund managers and apply consistent standards of professional oversight,” he added.