Security Bank works with Stronghold Insurance to provide nonlife coverage
SECURITY BANK Corp. has partnered with Stronghold Insurance Co., Inc. to provide nonlife insurance to its clients.
The listed bank signed a memorandum of agreement with Stronghold Insurance on Aug. 13 to form a strategic partnership to give its micro, small and medium enterprise, corporate, and individual clients access to nonlife insurance coverage, it said on Monday.
“The growing demand from our clients and branches for higher coverage and more accessible nonlife insurance underscores a simple truth: financial security is incomplete without protection. By expanding our partnership with Stronghold Insurance — an institution known for its strength and reliability — we’re taking a bold step toward meeting that need,” Security Bank Senior Vice-President and Business Banking Head John David G. Yap said.
“This new chapter in our partnership with Security Bank is not simply a continuation, but an evolution — unlocking new synergies and opportunities to deliver greater protection and value to clients nationwide. Together, we are raising the bar for what collaboration can achieve,” Stronghold Insurance President and General Manager Romulo I. Delos Reyes, Jr. added.
Under the partnership, Security Bank clients will gain access to Stronghold Insurance products, including property, motorcar, and comprehensive general liability insurance, fidelity guarantee, contractor’s all risk insurance, and performance bonds, among others.
These products are designed to protect businesses from risks such as fire, flood, theft, and other unforeseen events, the bank said.
Stronghold Insurance booked net premiums written of P4.11 billion in 2024, ranking fourth in the nonlife industry, according to data from the Insurance Commission. Its net profit was at P431.92 billion last year.
Meanwhile, Security Bank’s net income grew by 7.85% year on year to P3.04 billion in the second quarter on the back of double-digit revenue growth.
This brought its first-half earnings to P5.86 billion, up by 7.59% year on year.
Its shares rose by P1.60 or 2.27% to close at P72.20 apiece on Monday. — A.M.C. Sy
