Insular Life (InLife) finished strong last year in terms of net worth, net income and assets among all life insurers in the country, according to unaudited quarterly reports submitted to the Insurance Commission.
InLife, a wholly-owned Filipino insurance firm, landed on the top five performers in these categories: number two in Net Worth with P43.92 billion, number three in Net Income with P4.67 billion, and number four in Assets with P151 billion.
“Among the many indicators of life insurance companies, these three are the most important as they tell everyone about the Company’s financial health status,” Raoul Antonio E. Littaua, InLife president and chief executive officer said in a statement on Thursday, April 7.
“InLife is in the business of insuring lives which means the most important for us is the Company’s sustainability so that we are able to honor our financial obligations,” he added.
Net Worth, Net Income and Assets are among the top indicators of an issuance company’s financial health.
Net worth is calculated as the total assets a corporation has minus its liabilities. Net Income, meanwhile, is the profit a business earns after deducting its expenses and taxes. Assets are all the available properties of every kind and possessions that will provide a future benefit for any corporation.
InLife, a mutual firm, has been a life insurer for more than a century.
Litttaua said, “we are a Filipino company competing amidst all these foreign-supported companies.
“We leverage on our 111 years of unbroken service to our fellow Filipinos. We are a mutual life insurance company, so our policyholders are also the owners of InLife. Above all, we are a Filipino company giving back to our country,” Litttaua said.
He also added that while InLife banks on its more-than-a-century-long service, it continues to invest in industry-leading technology in order to maximize its digital end-to-end platforms and remain competitive in this fast-paced environment.
Aside from this, he said InLife remains focused on its customer centricity agenda.
“Instead of focusing on our competitors, we concentrate on our customers. They demand speed, convenience and clarity from us so we give them all these,” Litttaua said.
“Our functional units know that at the end of each quarter, they must be able to identify at least one thing they have done in order to make our customers’ experiences much better. We cannot be a passion brand if we do not have the passion and compassion ourselves,” he concluded.