OFW club
Philamlife has continued to work towards educating Filipinos on the importance of financial planning, savings and investments as a venue to improving their way of life.
PHILAMLIFE POSTS RECORD P22.7 BILLION IN GROSS PREMIUMS; STRENGTHENS LEADERSHIP IN LIFE INSURANCE INDUSTRY
The Philippine American Life and General Insurance Company (Philamlife), the country's leading life insurer, had another record year in 2007, with gross premiums reaching P22.7 billion, a 15.9% increase compared to 2006. The company reported that its life insurance operations generated P7.4 billion in new business, growing a strong 57.6% compared to the previous year.
Commenting on the company's 2007 performance, AIG Country Head and Philamlife President and CEO Jose L. Cuisia, Jr. said: "Sales of our single premium variable life products surged, fueled by aggressive agency and marketing initiatives, and a strong market preference for investment-type products. Our financial strength and stability make us the wise choice for potential investors. In 2007, we had consolidated assets of P170.0 billion and stockholders' equity of P49.5 billion. Investment income increased 3.1% to P9.4 billion. Total revenues amounted to P36.7 billion, 14.0% higher than the previous year. Net income adjusted for foreign exchange was P4.8 billion, a 15.8% increase versus the previous year's P4.1 billion. Pre-tax income was P2.8 billion in 2007.
"Our distribution reach and attractive products have also given us an edge over our competitors. We maintain the largest sales force in the industry at over 7,000 agents, and continue to receive a solid contribution from our bancassurance operations, which generated P1.2 billion in total premiums last year. We also focused on other distribution channels such as telemarketing and direct marketing."
"Moreover, 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. We have also generated substantial sales from cross-selling. Being a diversified financial institution, our clients also have access to the vast array of Philam Group products including pre-need, banking, credit cards, health care, asset management, and property and casualty insurance."
