Insurance group Insular Life (InLife) paid P10.7 billion in claims and benefits last year, up 14 percent from P9.4 billion the previous year.
Raul Antonio Littaua, InLife president, at the company’s annual members’ meeting recently emphasized the insurance company’s commitment to its policyholders and their beneficiaries.
InLife closed 2023 with a profit of P2.1 billion, down 58.82 percent from P5.2 billion the prior year. Revenues hit P25.37 billion, down 2.04 percent from P25.9 billion in 2022.
The drop was attributed in the accounting treatment of InLife’s bancassurance partner, UnionBank of the Philippines to fair value through other comprehensive income (FVOCI) from equity method.
On a parent company basis, income was up 1.2 percent to P2.64 billion from P2.61billion, with revenues up 12 percent to P24.82 billion from 22.03 billion in 2022. InLife’s parent company assets hit P153.54 billion, up 4.3 percent from P147.17 billion.
InLife assets increased 3.4 percent to P153.54 billion from P148.53 in 2022, while consolidated members’ equity hit P47.8 billion, down 5.6 percent from P50.65 billion.
