THE improving economic environment has given AIA Philippines optimism that it will do even better this year after posting solid results in 2021.
During a press conference, Gary Ogilvie, AIA Philippines chief financial officer, announced that the life insurance company made a net profit of P13 billion last year, while its affiliate BPI AIA made a profit of P2 billion.
"That net income result is testament to the underlying profitability of the business, but also strong investment management... But just 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...," he said.
While there are still risks, Kelvin Ang, AIA Philippines chief executive officer, for his part, said the insurance firm has a more favorable outlook for this year due to the availability of more vaccines against Covid-19.
"With the better management of the Covid situation and the economy recovering. We are looking very positive, but in terms of growth target and all those, we continue to focus on that save lives," he added, noting the company had insured 110,000 lives and had a total insurance coverage worth P130 billion.
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Surendra Menon, BPI AIA chief executive officer, on the other hand, said with more jobs opening up now, particularly in the tourist and services sectors, there is a multiplier impact across the economy and a good outlook for the future.
"So, I'm very positive that this will actually boost the number of people who will have disposable income without forgetting the need for protection. The experience or the need for protection has quite burnt into people's minds because of Covid," he added.