The newly-minted chief of Insular Life (InLife) announced that the company posted strong growth in all its business lines including agency distribution, corporate solutions, and bancassurance channel in the first trimester of the year.
In a statement, Raoul E. Littaua, who was recently promoted as president and chief executive officer following a two-year stint as head of agency distribution and bancassurance channel, said InLife’s insurance operation recorded “phenomenal” growth.
“Our sales metrics are very encouraging. Our first trimester results are giving us double digit growth in agency and group sales,” Littaua said.
From January to April, InLife saw its overall first-year premium (FYP) soaring 182 percent year-on-year. New business policies issued have likewise jumped 48 percent, and corporate sales was up 11 percent.
“Our banca performance has gone through the roof in the first five months of 2021 registering 499 percent growth in FYP as compared to last year,” Littaua said.
“In terms of APE , this is equivalent to 332 percent on the heels of a 316 percent growth in policy count,” he added.
For this reason, Littaua expressed confidence that the upward trajectory registered in the first four-months will continue for the rest of the year.
“I am very pleased that this year we are on track to a big bounce forward after taking a hit from the effects of the pandemic last year,” he said.
While the company has made extensive investment in industry-leading technology and digital readiness even before the pandemic struck, Littaua said the priority was, and continues to be, the safety and well-being of InLife’s people.
“This year, however, our financial advisers have adjusted well; they are maximizing our digital end-to-end platforms while learning to co-exist with the virus for the time being. And it has had a ripple effect,” Littaua said.
“By taking care of our own people, we have become an attractive destination for both seasoned and high potential FAs aside from prominent business partners,” he concluded.