INSULAR Life (InLife) reported a 62-percent growth in its consolidated net income last year due to higher earnings from its investments, various businesses, and lower operational costs.
Nina Aguas, InLife executive chairman, said in a statement over the weekend InLife’s growth “underscores the company’s continuing pursuit of disciplined investing and operational excellence aimed at sustained profitability.”
The company said its consolidated net income of P4.85 billion, up from P3 billion year-on-year, was spurred by earnings in strategic equities, rental income, and other investments.
Consolidated member’s equity or net worth also rose by 8.4 percent to P43.92 billion from 40.51 billion in 2018.
Consolidated assets grew by six percent to P143.2 billion from P135.1 billion in 2018.
“Our sustained investments in technology and in our people, enabled us to keep our operating expenses in check, driving our net income up,” Mona Lisa De la Cruz, InLife president and chief executive officer, said.
She added the long-term view continues to be a key investment strategy of the company.
“Our flagship Equity Fund and Balanced Fund both continued to outperform other VUL (variable unit linked) funds in terms of 10-year performance as of end-2019,” De la Cruz said.
“The Equity Fund posted a 10-year average return of 10.8 percent, beating even the barometer Philippine Stock Exchange Index’s 9.9 percent. Our Balanced Fund, meanwhile, recorded a 10-year return of 7.4 percent,” she added.
De la Cruz also said the company released P11.1 billion in gross benefits and claims in 2019, a 35 percent increase over the P8.2 billion paid in 2018.
Since the enhanced community quarantine was declared mid-March, InLife said it has implemented alternative work arrangements for its employees and took advantage of its end-to-end digital platform to continue its operations.
“In this global pandemic, we are assuring our policyholders that all claims and benefits due them will be released as fast as we can. Our processes are digital so even our work from home arrangements will not impede our fast service and timely release of benefits,” De la Cruz said.
