Insular Life, the first and largest Filipino-owned life insurer in the country, said Wednesday it posted a consolidated net income of P5.2 billion in 2022, up 35 percent from P3.87 billion in 2021 on robust consumer spending as the economy continues to reopen.
InLife president and chief executive Raoul Antonio Littaua attributed the significant improvement in sales to the commitment of the agency and its bancassurance and group business. “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 said.
Consolidated total revenues climbed 12 percent to P25.9 billion from P23.2 billion in 2021, and consolidated members’ equity also went up by 18 percent to P50.6 billion from P42.8 billion.
InLife also posted a 43-percent increase in its new business annualized premium equivalent to P1.9 billion. This represents the highest growth in the 10 largest life insurers and an improvement in its ranking from 12th to 9th place.