Insular Life Assurance Company Ltd. said its revenues grew 12 percent to P24.82 billion in 2023 from P22.03 billion in 2022.
The company said its net income rose 1.2 percent to P2.64 billion from P2.61 billion in 2022, while assets went up by 4.3 percent to P153.54 billion from P147.17 billion.
It reported a slight dip in members’ equity by 4.8 percent to P47.83 billion from P50.23 billion following the decline in the excess of market value of fair value through other comprehensive oncome (FVOCI) stocks.
InLife president Raul Antonio Littaua emphasized InLife’s commitment to its policyholders and their beneficiaries as he reported a 14.5-percent increase in the claims and benefits.
“Beyond these numbers, the more meaningful metric for us is the total amount of benefits we have paid to our members and their beneficiaries. In 2023, InLife paid P10.7 billion in total claims and benefits, up by more than 14 percent from P9.4 billion in 2022,” said Littaua.
The company said because of the change in the accounting treatment of UnionBank from equity method to FVOCI, there was a decrease in InLife’s 2023 consolidated revenues by 2 percent to P25.37 billion from P25.9 billion in 2022.
Consolidated net income also went down to P2.1 billion from P5.2 billion.
“Despite the insurance industry being dominated by multinational companies, InLife ranked number three in net worth, number four in assets, and number six in net income according to the Insurance Commission’s life insurance statistics based on unaudited financial reports,” Littaua said.
InLife reported P3.72 billion new business annual premium equivalent (NBAPE) last year. This allowed the company to move up to sixth place from its 9th place in 2022 and 12th place in 2021.
“These numbers mirror our keen focus on our policyholders’ changing financial needs. InLife continues to respond to the growing need for risk protection and medical insurance through our product solutions,” said Littaua.