Image by Leader Nancy Pelosi via FlickrGenerali Pilipinas Life Assurance Company (GPLAC) described 2010 as a record year in terms of profitability following the strategic focus it successfully implemented on its bancassurance distribution channel.
Central to this strategic focus was a dramatic shift from single-pay plans to selling products with recurring premiums, a move purposely designed to create a steady source of premium income, and thus resulting to stable profits for the company.
The company’s bancassurance operations showed an impressive growth of more than 167% in terms of new business recurring premiums to P550 million from P205 million the year before. Group insurance premiums also climbed up 21 percent at the end of 2010.
"Now that we have successfully enhanced our business model, with a much better equipped bancassurance sales force, coupled with a steady and profitable group insurance customer base, this company can look forward to sustainable long-term growth, " said Generali chief executive Renato Vergel De Dios. "We are committed to continually strengthen our financial position and deliver value to our clients and stakeholders."
The strong performance of GPLAC in 2010 continued in the first quarter of this year, posting significant increases in premiums from its individual business and group business by 64 percent and 10 percent, respectively.
http://www.mb.com.ph/node/322249/gplac-gear
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