The first and largest Filipino life insurance company, Insular Life, posted a 17 percent increase in new sales premiums to reach P2.19 billion by the end of 2009. This hefty increase in new business pushed total premiums earned in 2009 to P6.3 billion, up by five percent from the previous year’s total.
Driving the new sales are the traditional products and the limited offer product, Peso-Earner, introduced by Insular Life in the first quarter of 2009. Peso-Earner is a single pay endowment plan that matures in five years with guaranteed annual payments equal to as much as 7 percent of sum insured, for five years.
“In 2009 the bulk of our new business still came from our traditional insurance plans. However, we were able to take advantage of the high interest rates offered by fixed income instruments and packaged it in such a way as to give our insured attractive yields through the Peso-Earner product,” explains Vicente Ayllon, Insular chairman and CEO.
The company’s nationwide presence gave them the opportunity to provide financial security in many areas as evidenced by the growth coming from most of the company’s regional offices. Insular Life has more than 20 regional office buildings and more than 80 branch offices in key cities in the county.
Adding impetus to the sales efforts is the excitement of reaching 100 years in 2010. “ I have always been very proud of our agency force; even more so now when the morale of our agents and agency leaders is very high because everybody wants to deliver a record performance as the company is on the eve of marking its 100th founding anniversary on November 25, 2010, “ Ayllon added.
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