Generali Pilipinas has posted an 18-percent increase in its combined third quarter premiums, or from P1.8 million last year to P2.1 billion. The insurer offers three business lines – individual life, group insurance, and property and casualty.
Individual life’s year-to-date (YTD) premiums reached P886 million.
Group insurance business increased by 13 percent during the third quarter to P528 million compared with P468 million last year.
Business from its property and casualty recorded a 113-percent increase to P664 million from P312 million total premium income in the same period last year.
This significant growth is a combined effort from Generali Pilipinas’ multi-distribution channels including development underwriters, bancassurance, exclusive and independent agencies.
It practices bancassurance through a joint venture with Banco de Oro Unibank Inc. (BDO).
“The increase in premium income is an indication of the collective efforts of our workforce to fulfill our vision to be one of the major industry players in the country. We expect that the last quarter would give us even better revenue and growth,” Derek Chan, Generali Pilipinas president and chief executive officer, said.
Generali Pilipinas services include individual life insurance, group life and medical, auto and home insurance, small and medium business protection, as well as commercial property insurance. It has offices in Metro Manila, Bacolod, Baguio, Cebu, Davao and other major cities throughout the country.
It is a joint venture insurance company between Generali Asia and Banco de Oro Unibank Inc. (BdO). In turn, Generali Asia is a regional alliance between Assicurazioni Generali (Generali) of Italy and Jerneh Asia Berhad of Malaysia.
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