Philamlife Is Still Profitable Despite of the Global Economic Crisis
Posted on November 26th, 2008
Despite the global financial crisis, the leading life insurer in the country, The Philippine American Life and General Insurance Co. (Philamlife) said it still remains to be very profitable and continues to generate significant new business. This is according to Jose L. Cuisia Jr., Philamlife president and CEO, “These have been very challenging times, but we have worked hard to sustain our ability to remain profitable which demonstrates the company’s resiliency and strength.†He added.
Cuisia is very thankful to their customers for their loyalty and strong vote of confidence with Philamlife. “Our records show that 99.5 percent are still insured and kept their policies with us since the global crisis happened,†Cuisia said adding that this only serves as a proof and affirmation of their reliable track record and market leadership.
Philamlife, with its bank assurance subsidiary Pelac has pioneered a limited offer this year – a single premium, index-linked variable life insurance product that will provide investors with access to global indices, together with their potential upside returns while keeping the principal investment intact. This is the AIG Winning Edge which was offered in three tranches starting in May 2008 and has since generated premiums totaling to $46.3 million.
This is Philamlife’s response to consumer demand for higher-yielding investment instruments. “We remained focused on customer needs. We recently completed our transition to a line of new generation products that offer attractive solutions to education, investment, life protection and retirement insurance needs.â€
In 2007, Philamlife paid out P6.6 billion in insurance benefits and claims; this is 25 percent higher than what they paid out in previous year.
Philamlife also leads in terms of premium income, assets and investments in the latest official industry figure. This makes Philamlife the top life insurer in the country, their market share is 22 percent based on premium income, 30 percent based on assets, 32 percent based on investments.
