Insular Life (InLife) reported better sales metrics in the first four months of the year following significant growth in its business lines, including agency distribution and bancassurance channels.
InLife president and CEO Raoul Littaua expressed satisfaction with the development as he cited critical improvements in their overall first-year premium (FYP) numbers, among others.
“Our sales metrics are very encouraging. Our first trimester results are giving us double-digit growth in agency and group sales,” Littaua said.
“Our banca (bancassurance) performance has gone through the roof in the first four months of 2021, registering 499 percent growth in FYP as compared to last year,” he added.
From January to April, FYP surged 182 percent versus the same period a year ago, while new business policies and corporate sales jumped by 48 and 11 percent, respectively.
According to Littaua, InLife’s latest FYP translates to an annual premium equivalent of 332 percent, following the 316 percent growth in their policy count closely.
Still, the InLife chief shared his optimism for sustained growth in the same metrics for the rest of the year.
“I am very pleased that this year we are on track to a big bounce forward after taking a hit from the effects of the pandemic last year,” he said.
“While the company had made extensive investment in the industry-leading technology and digital readiness even before the pandemic struck, the priority was and continues to be the safety and well-being of our people,” he concluded.