MANILA: Insular Life Assurance Co. Ltd., the country’s largest Filipino-owned life insurance company, posted P19.93 billion in consolidated revenue in 2015, driven by its core life insurance business.
Insurance revenue grew by 6 percent to P13.59 billion, on the back of higher sales of single pay and multiple-pay variable unit-linked products.
In a statement, the company said consolidated assets rose 5 percent to P106.15 billion from P101.35 billion in 2014. Net worth expanded by 4 percent to P23.72 billion from P22.85 billion in the previous year.
Due to market volatility in 2015, the Insular Life group ended the year with a consolidated net income of P1.77 billion, down from P2.95 billion in 2014. The decline was due mainly to reduced profit from the sale of property and equities, and lower equity in net earnings of associates.
“We are very happy to inform our policy holders that Insular Life consistently ranks high in four important performance factors. We are No.2 in net worth, No. 3 in assets, No. 4 in net income and No. 7 in premium income,” said Insular Life president and chief operating officer Mona Lisa B. de la Cruz.