AIA Philippines and its bancassurance arm BPI AIA are expecting stronger growth this year on the back of improved economic environment amid easing quarantine restrictions.
After posting solid results last year, Kelvin Ang, AIA Philippines chief executive officer, said that the successful rollout of Covid-19 vaccines in country provided the insurance company with a more favorable outlook for 2022.
“With the better management of the Covid situation and the economy recovering, we are looking very positive in terms of growth target and all those,” Ang said in a briefing. “We have a lot of optimism.”
For BPI AIA Chief Executive Officer Surendra Menon, he believes that “the worst is over.”
“We are very optimistic that the worst is over. Maybe fluctuations here and there, and we do not expect alert level 4 anymore. We expect to grow a lot more in 2022, with a lot less volatility,” Menon said.
In 2021, AIA Philippines ended with a net profit of P13 billion, while its affiliate BPI AIA recorded a profit of P2 billion.
Gary Ogilvie, AIA Philippines chief financial officer, said the insurer’s net income result was testament to the underlying profitability of the business as well as strong investment management.
“To summarize the key messages, financial strength and resilience, profitability, and ultimately, policyholders and prospective customers should be able to take a strong message here that despite what can happen in the world, we have the financial strength to be with you in the long run, and make sure we deliver on our promises,” Ogilvie said.
According to Ang, the past two years underscored the importance of protection as well as health and wellness.
“As One AIA Philippines, together with BPI AIA, we remain committed to our mission of saving lives through our protection products, and to being the partner of Filipinos in helping them be the healthiest they can be through our health and wellness propositions,” Ang said.
Last year, AIA Philippines was among the top insurers for net worth and also with the highest-ranking net income. Ogilvie said this has demonstrated the company’s continued business focus on financial strength and profitability.
“We remain focused on seizing the long-term opportunities, measured by the metrics that matter to us,” he added.