INSULAR LIFE Assurance Co., Ltd. (InLife)’s net income in 2021 soared to P4.7 billion, a 168% increase from the year before, which the company attributed to easing pandemic restrictions, digitalization, and improved hiring.

Meanwhile, revenues totaling P23.1 billion climbed by 43% from the P16.2 billion the insurer saw in 2020.

InLife Executive Chairperson Nina D. Aguas attributed the insurer’s improved performance to lighter pandemic restrictions, digitalization efforts, and employee hiring.

“At the backend of our operations are very robust digital systems that helped us navigate through the pandemic. These efforts were initiated as early as 2016 and fortunately, the acceleration of our digital efforts was coming to bear in 2021,” Ms. Aguas was quoted as saying in a statement.

“We are grateful that our operations had a healthy rebound from the slowdown we experienced in 2020 due to the massive lockdowns at the height of the COVID-19 pandemic. Our operational results last year reflected our concerted effort to serve our policyholders better,” she added.

Based on data from the Insurance Commission, InLife recorded a net worth of P47.8 billion in 2021, ranking it the second overall among 31 life insurers, while they recorded a net income of P4.7 billion, placing third. InLife’s total assets were worth P154 billion, the fourth biggest in the industry.

Meanwhile, InLife’s health maintenance organization subsidiary Insular Health Care (IHC)’s revenues from membership fees hit P1.03 billion in 2021, 35% higher than the previous year, and above the industry growth average of 1.9% for the period. Total assets were recorded at P1.25 billion.

“We are happy to report that the strong showing of IHC continued through 2021, riding the momentum of its own great performance in 2020,” Ms. Aguas said. — TJT

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