Insular Life, the largest Filipino-owned life insurer, said Wednesday net income jumped 168 percent in 2021 to P4.7 billion from P1.8 billion in 2020.
InLife executive chairperson Nina Aguas said in a statement the remarkable performance was driven by strong operational results. Total revenues grew 43 percent to P23.1 billion from P16.2 billion in 2020.
“We are grateful that our operations had a healthy rebound from the slowdown we experienced in 2020 due to the massive lockdowns at the height of the COVID-19 pandemic. Our operational results last year reflected our concerted effort to serve better our policyholders,” Aguas said.
Aguas said several factors led to its successful year, including the easing up of the pandemic restrictions, the digital adaptation of financial advisers, the various technology innovations implemented by the company and several key personnel hiring and movements.
“At the backend of our operations are very robust digital systems that helped us navigate through the pandemic. These efforts were initiated as early as 2016 and fortunately, the acceleration of our digital efforts was coming to bear in 2021. We did well in 2021 in terms of financial performance because our agents were able to regain their confidence and overcome their fear,” Aguas said.
The company’s strong financial results helped it maintain its high industry rank as among the top five life insurers, becoming the only Filipino-owned company to do so.
A report from the Insurance Commission showed that InLife’s net income of P4.7 billion was third best, while its net worth of P47.8 billion was second overall. Its assets of P154 billion ranked fourth among 31 life insurers.
“We will continue to improve our operations to help us deliver results that are backed by a clear path to reach our ambition to provide our policyholders a lifetime for good so that they can enjoy longer, healthier and happier lives,” Aguas said.
The firm’s HMO subsidiary Insular Health Care breached the P1-billion mark in membership fee revenue in 2021, or 35 percent more than the previous year’s and significantly higher than the HMO industry’s revenue growth of 1.9 percent in the same period.