Filipino life insurer Insular Life (InLife) expects strong growth in its sales performance this year, despite the challenges brought by the high inflation.
“We will exceed our New Business Annualized Premium Equivalent (NBAPE) (sales) target this year,” Raoul Antonio Littaua, chief executive officer and president, said in a press briefing in Makati yesterday, without citing the target figure.
“I think we will end the year almost double what we did (last year). So we’re very happy about (what) we’re seeing in our new business,” Efren Caringal, chief transformation officer, said.
In 2022, the company’s NBAPE reached P1.9 billion.
In the first half of this year alone, the insurer already attained P1.706 billion in NBAPE which translates to a 127 percent increase against the first half of 2022.
“We see this growth momentum being sustained,” Littaua said.
NBAPE is the global standard used to determine the sales performance of life insurance companies in the country.
Meanwhile, Caringal said the high inflation environment will bring some challenges to the insurance industry.
