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MANILA, Philippines - The Philippines' top insurer said it grew its premium income by 13 percent in 2011.
Rex Mendoza, president of Philippine American Life and General Insurance Co. said the company turned in P19.4 billion in premiums last year from P17.2 billion in 2010.
New business sales reached P10.26 billion, while first-year premiums rose nine percent to P1.68 billion and single premiums by a faster 55 percent to P8.58 billion.
Philam Life's bancassurance tie-up with Bank of the Philippine Islands - BPI-Philam Life Assurance Corp. - increased 13 percent, while its stand-alone business grew 20 percent.
“Key to our growth was our revitalized agency sales force. Philam Life continues to have the largest life insurance agency distribution network in the Philippines, with over 5,000 agents in key cities and provinces nationwide. With our new and improved programs, our agency sales force increased its activity and improved its productivity,” Mendoza said.
Philam Life's profit surged 79 percent to P7.3 billion in 2011, having paid out P8.9 billion in claims and benefits for a nine percent year-on-year increase.
Its assets grew by 13 percent to P176.48 billion last year from P130 billion in 2010, while its capital stood at P2 billion, making Philam Life the only insurer that meets the P1 billion minimum that the government will require under a new rule.
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