BDO Life Assurance Co. Inc. said it capped the third quarter of 2016 with P6.3 billion in total premium income, representing 24 percent growth from the same period last year.
In a statement on Monday, BDO Unibank Inc.’s wholly owned life insurance subsidiary said its individual life new business premiums posted a hefty 28 percent hike in terms of Annual Premium Equivalents (APE) while renewal premiums rose by 30 percent over last year.
“BDO Life’s continuous growth for the past six years mirrors parent BDO Unibank’s aspiration to be a major player and the leading local company in the life insurance space,” it stated.
The insurer said sales force expansion and rising sales productivity combined to power individual sales growth, boosting its third-quarter growth.
BDO Life said it ramped up its recruitment and selection efforts to beef up its presence in more BDO branches, adding that efforts to develop a professional bancassurance sales force have started to bear fruit.
“The recent acquisition and integration of BDO Life as a wholly owned subsidiary of BDO Unibank will accelerate the process of tapping the insurance needs of the bank’s growing client base,” it said.
This move opens more doors toward building synergies between BDO Life and the bank’s various business units that will maximize cross-selling opportunities, it added.
The insurer also said identification with the BDO brand has boosted client confidence in BDO Life.
“With the BDO Life name, brand recognition is a done deal and should help provide a significant boost to in-branch insurance sales. Leveraging the BDO brand to its fullest is a key activity that solidly positions us as a serious contender in the life insurance space,” said Renato Vergel de Dios, president and chief executive officer of BDO Life.