Life insurer Generali Philippines posts 51% growth over 2012
The company posted a remarkable 51% increase in total individual insurance premium income from January to June 2013 compared to the same period the previous year
Manila, 25 September 2013: Generali Philippines (GP), a joint venture between global insurer Generali Group and local bank leader BDO Unibank, Inc. (BDO), continues to perform strongly following its strategy to focus on its Life insurance business.
The company posted a remarkable 51% increase in total individual insurance premium income from January to June 2013 compared to the same period the previous year. New individual insurance sales grew at a hefty 53% for the same period. Individual renewal premiums were up by 49%, the primary result of the company’s sole focus on regular premium sales.
Group Life and Health premiums, on the other hand, grew by 9%. Capitalizing on its strong customer relationships and efficient claims management brought about through a nationwide network of accredited medical providers, group renewal premiums grew by 14%. New business efforts have been focused on life and credit life sales which grew by 35% over the same period last year.
More aggressive growth is seen in the second semester as Generali Philippines strengthens its product strategy. With the sale of regular premium products growing stealthily, the Company has beefed up its existing individual product portfolio with the recent introduction of Money8 Secure and recurring premium unit-linked products called ValueFlex Secure and SaveFlex Secure
Money8 Secure provides increasing life insurance protection, guaranteed cash payments throughout the policy period and guaranteed maturity benefit at the end of the policy period. It boasts of a Cash Continuity Guarantee feature which pays the cash and maturity benefits, as scheduled, to the life insurance beneficiaries, even after the death of the life insured. Premiums for Money8 Secure are payable for only 8 years.
The new unit-linked products, ValueFlex Secure and SaveFlex Secure, on the other hand, provide insurance protection while allowing the policyholder to choose among several investment funds depending on one’s risk profile. The unit-link funds of these new products are managed by the BDO Trust and Investments Group, further strengthening Generali’s strategic partnership with BDO.
Generali Philippines continues to grow its sales force with more than 500 Financial Advisers operating throughout BDO’s over 720 branches nationwide. Besides growing its sales force numbers, GP remains committed to professionalizing its sales force. The significant improvement in sales productivity in H1 2013 is the best evidence of success in this area.
“We are pleased with the results and overall progress so far this year. We have nothing but praises for the excellent support that BDO, our bank partner, has been providing. Working together with BDO and leveraging on Generali’s global insurance expertise has enabled Generali Philippines to access a much wider base of the market where insurance penetration rates remain low. Notwithstanding our hefty sales growth rates so far this year, it is evident that we have barely scratched the surface in terms of market potential,” shares President and Chief Executive Officer Renato Vergel de Dios.
Looking beyond 2013, Generali Philippines sees a more robust performance for the company in the coming years. “The Company is well positioned to pursue with vigour the many opportunities up ahead. With the continued support of our bank partner, the commitment of our sales force, and our wider range of products, I am excited to take the team even closer towards the realization of our ambitious business objectives,” Vergel de Dios ended.