Insular Life net income up 35% to P5.3B in 2022

INSULAR Life (InLife) on Wednesday said that its consolidated net income jumped 35 percent to P5.2 billion last year from P3.87 billion in 2021 on the back of strong consumer spending amid the economy’s return to normalcy.

Consolidated total revenues rose by 12 percent to P25.9 billion from P23.2 billion in 2021, the firm said in a statement.

Consolidated members’ equity also increased by 18 percent to P50.6 billion from P42.8 billion.

“We credit the significant improvement in our sales performance to the commitment of our agency, bancassurance and group business,” said Raoul Antonio Littaua, Insular Life president and chief executive officer.

“The men and women behind our distribution channels champion the noble mission of helping Filipinos achieve their financial goals and secure the best future for their families,” he added.

The insurance firm also registered a 43-percent increase in its new business annualized premium equivalent to P1.9 billion, described as the highest growth among the top 10 life insurers and an improvement in its ranking from 12th place to 9th.

Based on an Insurance Commission ranking, Insular Life is second in net worth, third in net income and fourth in assets.

In 2022, the company paid P9.35 billion in gross benefits and claims for a 19-percent decrease, owing to a substantially lower death and health claims experience.

It also launched the Voice of the Customer Program to monitor customers goals, needs, preferences and expectations, and started Wealth Assure Plus, a customizable life insurance plan with investment components that provides higher protection benefits and higher fund growth.

InLife App, a mobile app that makes it easier for policyholders to access and manage their policies and connect with the company, was brought out and the company also rolled out its InLife Agency Model with a more flexible agency structure and attractive compensation packages.

“We are a 112-year-old company, and we stand firm in our mission of providing a full range of high-value insurance products and other related services to empower families to attain financial security,” Littaua said.