Insular Life (InLife) improved its sales performance, jumping from 7th place at the end of the first quarter of 2023 to fifth place at the end of the first half this year in terms of its new business annualized premium equivalent (NBAPE).
Data from the Insurance Commission (IC), the governing body of life insurance companies in the country, show that InLife attained P1.706 billion in NBAPE in the first half of 2023. This translated to a 127-percent increase in InLife’s NBAPE against the first half of 2022.
The IC reported an industry growth of 9.62 percent in NBAPE in 2023 compared to the same period last year.
InLife president and CEO Raoul Antonio Littaua welcomed the news, thanking InLife’s policyholders, agency force, employees and stakeholders.
“Our remarkable growth trajectory is a result of the continued trust of our policyholders, and the outstanding work that our employees, agency force, and bank partners do every day. Every InLifer is propelled by a sense of commitment to provide A Lifetime for Good in the communities we serve. This, and our strict adherence to the highest principles of good corporate governance are what guide us in the conduct of our business. Beyond rankings, this is the spirit that moves us onwards and upwards,” he said.
NBAPE is the global standard used to determine the sales performance of life insurance companies in the country.
InLife also ranked second and fourth in terms of net worth and assets, respectively.
“These affirm InLife’s strength and dependability to deliver its obligations to its policyholders and their beneficiaries as they become due. As the oldest Filipino life insurer, we regard ourselves as the torchbearer of our Filipino heritage. With the continued support of our stakeholders, we will forge ahead, ever mindful of our mission to provide our fellow Filipinos financial protection so they can fulfill their dreams in life,” said Littaua.
