In the third quarter of 2023, Etiqa Life & General Assurance Philippines, Inc. has leaped from the 17th position to clinch the sixth spot in the New Business Annual Premium Equivalent (NBAPE) rankings, affirming its strong market presence and effective strategies in attracting new businesses.
As a global benchmark, the NBAPE plays a pivotal role in assessing the sales performance of life insurance companies in the country, enabling stakeholders in the insurance industry to gauge their success on an international scale.
According to data from the Insurance Commission (IC), Etiqa Philippines reported an NBAPE reaching P2.5 billion, positioning the company as a key player in the local insurance industry. Etiqa Philippines experienced a significant surge in its NBAPE, marking a growth rate of 251 percent. This substantial increase surpassed the industry average, which stood at a more modest 13.93 percent.
Etiqa Philippines also improved its overall rank for Total Gross premiums from the 15th spot to the 14th with a growth rate of 29.95 percent.
