InLife net income soars 168%, revenue 43%

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Nina Aguas, Executive Chair of InLife (Photo provided)

INSULAR Life (InLife), the country’s largest Philippine life insurer, more than doubled its net profit in 2021 on the back of strong operating results, the company revealed at its annual members’ meeting held online recently.

InLife’s net income of 4.7 billion pesos is 168% higher than the 1.8 billion pesos it made in 2020, while its total income of 23.1 billion pesos is up 43 % compared to 16.2 billion pesos in 2020.

“We are grateful that our operations have seen a healthy rebound from the downturn we experienced in 2020 due to massive lockdowns at the height of the Covid-19 pandemic. Our operating results last year reflected our concerted efforts to better serve our policyholders,” said InLife Executive Chairman Nina Aguas.

Aguas noted that several factors can be attributed to this successful year, including the easing of pandemic-related restrictions, the digital adaptation of financial advisors and the various technological innovations implemented by the company, as well as several hirings and movement of key personnel.

“At the heart of our operations are very robust digital systems that have helped us through the pandemic. These efforts were initiated as early as 2016 and fortunately the acceleration of our digital efforts was felt in 2021. We did well in 2021 in terms of financial performance as our agents were able to regain confidence and overcome their fear,” Aguas said .

The company’s strong financial results have helped it maintain its high ranking among the top five life insurers, the only Philippine company to do so.

In a recent report by the Insurance Commission, InLife’s net income of P4.7B is 3rd best, and its net worth of P47.8B is 2nd overall, while its assets of P154B, is fourth. among 31 life insurers.

“We will continue to improve our operations to help us deliver results that build on a clear path to achieving our ambition of giving our policyholders a life for good so they can live longer, more healthier and happier,” she added.

The IHC breaks a record

HMO’s subsidiary, Insular Health Care (IHC), crossed the Php billion mark in premium revenue for 2021, 35% higher than the previous year and significantly ahead of HMO industry revenue growth 1.9% for the same period.

“We are pleased to report that IHC’s strong performance has continued into 2021, building on its own strong performance in 2020,” Aguas also said. (PR)

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