Finance


Valdepeñas, Aguas to join top ranks of Insular Life as chairman Ayllón retires




Posted on November 30, 2015


INSULAR Life Assurance Co. Ltd. (Insular Life) has announced changes in its top management ranks effective next year with its current chairman and chief executive officer set to retire after years of service.

The life insurer said its chairman of the board and CEO Vicente R. Ayllón is set to retire on Jan. 24, 2016, and will take on the role of chairman emeritus up to Dec. 31 next year to support the transition as the firm welcomes new people to lead the firm.

“I will be retiring from this company which I have served, cherished, and loved during the last 60 years of my life. Through the help of all the Trustees, officers, employees and sales force, we have brought this company to its eminent position of being the largest Filipino life insurance company. It is now time for me to transfer the rein and stewardship of Insular Life to the next leaders who will chart its new course and bring it to even greater heights,” Mr. Ayllón was quoted as saying.

Insular Life said through Mr. Ayllon’s leadership from 1977, the insurer grew its assets from P0.7 billion that year to P104.4 billion as of end-2014. Net worth of the company was at its highest at P25.7 billion.

Mr. Ayllón has also been a moving force in the Philippine life insurance industry, having set up the Philippine Life Insurance Association and served as its first president, it said.

Elected as incoming Chairman of the Board was Victor B. Valdepeñas, the outgoing president and chief operating officer of Aboitiz-led Union Bank of the Philippines (UnionBank).

Prior to his 22-year stint in UnionBank, where he was president for 18 years, Mr. Valdepeñas was vice-president/country treasurer of Citibank N.A.; deputy treasurer/group head of the trading division of Citibank Manila and also Citibank’s country economist. He also served as assistant director of the National Economic and Development Authority.

On the other hand, appointed as Insular Life’s incoming CEO was Nina D. Aguas, former president and CEO of The Philippine Bank of Communications.

Ms. Aguas has over 30 years of experience in major financial institutions such as Citibank and Australia New Zealand Bank.

“She has a proven track record of building new businesses as well as defending and growing large existing businesses in highly competitive and challenging environments, and through difficult economic cycles ranging from the Asian crisis to the recent global financial crisis,” Insular Life said.

Meanwhile, Mona Lisa B. de la Cruz will remain president of Insular Life. She was appointed to her current position in the middle of this year.

Prior to her appointment as president, she held the position of executive vice-president and head of the insurer’s administrative operations group, as well as the chief actuary and treasurer. -- Imee Charlee C. Delavin