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.
“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’s new business annual premium equivalent (NBAPE) was at P3.72 billion, placing the insurance company 6th in the Insurance Commission’s list, up from 9th place in 2022, and 12th place in 2021.
InLife group insurance business grew 19 percent while the agency and bancassurance distribution grew by more than 60 percent.
“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.
