THE Insular Life Assurance Co. Ltd. reported a robust 179-percent growth in consolidated net income to P4.9 billion in 2016.
In a statement on Wednesday, Insular Life Chief Executive Officer Nina Aguas said that 2016 was a record-breaking year in terms of revenues, net income, assets, and net worth.
Aguas said the company’s consolidated revenues reached P25 billion, up by 25 percent from 2015, while consolidated total assets went up 22 percent to P129 billion.
The insurer said consolidated member’s equity or net worth amounted to P40.3 billion, up by 70 percent from 2015, on the back gains in the market value of its equity holdings and higher net income.
“2016 was our best year so far in terms of reinforcing our stability and financial strength. We are number two among 30 life insurance companies in terms of net income and net worth. And in terms of assets, we are number three,” Aguas added.
The insurer’s premium income, however, was slightly lower than the previous year.
“While we posted monthly increases in new business premium production for eight consecutive months and also increased renewal premiums, we were not shielded from the volatile market conditions that caused a sharp drop in single premiums. As a result, our total premium income was slightly down by 3 percent to P12.3 billion, reflective of the industry decline of 3 percent,” she said.
“Notwithstanding this, Insular Life’s equity funds that support our investment-linked insurance products were the best-performing funds in 2016 and have consistently outperformed the Philippine Stock Exchange Index,” Aguas continued.
In the first quarter of this year, Insular Life and Union Bank of the Philippines received the approval of the Insurance Commission and the Bangko Sentral ng Pilipinas to engage in a bancassurance partnership.
The partnership allows UnionBank and its wholly owned subsidiary, City Savings Bank, to distribute and sell the insurance products of Insular Life to its more than 6 million bank clients spread across Union Bank’s group network of over 300 branches and offices.