BDO Life Assurance Co. Inc., a wholly-owned subsidiary of BDO Unibank Inc., said premium income grew 24 percent in the third quarter to P6.3 billion from a year ago.
BDO Life said in a statement individual life new business premiums posted a 28-percent increase in terms of annual premium equivalents, while renewal premiums rose 30 percent over a year ago.
“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 said.
“Sales force expansion and rising sales productivity combined to power individual sales growth. BDO Life ramped up its recruitment and selection efforts to beef up its presence in more BDO branches. Efforts to develop a professional bancassurance sales force that consistently delivers sound insurance solutions to BDO clients’ needs have started to bear fruit,” it said.
It said the recent acquisition and integration of BDO Life as a wholly-owned subsidiary of BDO Unibank would accelerate the process of tapping the insurance needs of the bank’s growing client base.
It said this move opened more doors towards building synergies between BDO Life and the bank’s various business units to maximize cross-selling opportunities.
“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,” BDO Life’s president and chief executive Renato Vergel De Dios said.