MANILA, Philippines – Life insurance company Philam Life saw a 31 percent boost in its gross premiums last year on the back of new businesses, enhanced distribution network, growth in sales of unit-linked products, and upgraded facilities and systems.
Philam Life said its gross premiums in 2013 breached the P20 billion-mark, up from the P15.3 billion it posted in 2012.
Philam Life also saw its new business grow 62 percent to P11.8 billion.
In 2013, Philam Life rolled out the iPoS, a technology-based sales tool that allows customers to apply for life insurance in one meeting with a trusted financial advisor.
Philam Life also renovated customer service centers in Baguio, Binondo, Dasmariñas, Santiago, Iloilo, and Manila Bay to feature a VIP lounge, modern interiors, and personalized, one-stop policy servicing.
The insurance firm also introduced life protection plan Family Provider and savings and life insurance plan MoneyWorks last year.
“We had a winning year in 2013, mainly as a result of our efforts to drive new business amidst the Philippines’ strong economic fundamentals. We aim to build on this success in 2014 with strategies that continue to be attuned to the needs of Filipinos,” said Philam Life chief executive Rex Mendoza.