Insular Life (InLife) posted a strong performance in the first quarter as it outpaced the life insurance industry’s growth in terms of gross written premiums (GWP), the insurance company reported yesterday.
InLife said its GWP totaled P3.5 billion in the first three months of the year, while new business annual premium equivalent (NBAPE) amounted to P422.2 million for the said period.
“InLife’s gross premiums for January to March 2021 grew by almost 53 percent compared to the same period last year. This growth rate is higher than the life insurance industry’s 37 percent increase,” Raoul Littaua, InLife president and chief executive officer, said in an online briefing.
“Our NBAPE also grew by almost 42 percent even as the industry’s NBAPE dipped by three percent,” he added.
Without citing figures, Littaua said the second quarter saw a stronger performance.
“And this continue to be sustained all the way to this month, as we approach the last quarter of the year, and I think that’s going to be sustained, we’re going to have a very good turnaround this year,” Littaua said.
Littaua said based on the growth of the business, there’s been a surge in demand for protection products.
“That’s because of the heightened awareness of people for life insurance protection at this time,” he said.
To help spread the benefits of insurance to more Filipinos, Littaua said InLife plans to be the industry’s only complete provider of risk protection services: life insurance, health coverage, group insurance and non-life insurance.
He added InLife will further strengthen its women’s advocacy program Sheroes, and focus on the millennials and GenZ market.
“We are in business not just to generate premiums, but more importantly, to make a difference in the lives of our fellow Filipinos amidst this COVID-19 pandemic,” Littaua said. – Angela Celis
