InLife reports increases in parent company’s 2023 revenues, net income, assets; jumpstarts 2024 with strong performance in 1Q
InLife recently held its Annual Members’ Meeting where it declared increase in its parent company’s revenues, net income, and assets compared to 2022 levels.
Its 2023 revenues increased by 12% to P24.82 Billion from 22.03 Billion in 2022. Its net income slightly increased by 1.2% to P2.64 Billion compared to P2.61 Billion in 2022. InLife’s Parent Company’s assets increased by 4.3% to P153.54 Billion from P147.17 Billion in 2022.
It also reported a slight dip in Members’ Equity by 4.8% to P47.83 Billion from P50.23 Billion in 2022 due to the decline in the excess of market value of Fair Value through Other Comprehensive Income (FVOCI) stocks.
InLife President Raul Antonio E. Littaua emphasized InLife’s commitment to its policyholders and their beneficiaries as he reported a 14.5% increase in the claims and benefits InLife paid. “Beyond these numbers, the more meaningful metric for us is the total amount of benefits we have paid to our members and their beneficiaries. In 2023, InLife paid P10.7 Billion in total claims and benefits, up by more than 14% from P9.4 Billion in 2022.”
Because of the change in the accounting treatment of UnionBank from equity method to FVOCI, there was a decrease in InLife’s 2023 Consolidated total revenues by 2% at P25.37 Billion compared to P25.9 Billion in 2022, while consolidated net income went down to P2.1 Billion from P5.2 Billion in 2022.
Consolidated assets increased by 3.4% to P153.54 Billion from P148.53 in 2022, while consolidated members’ equity amounted to P47.8 Billion, a decrease of 5.6% from P50.65 Billion in 2022.
“Despite the insurance industry being dominated by multinational companies, InLife ranked number three in net worth, number four in assets, and number six in net income according to the Insurance Commission’s life insurance statistics based on unaudited financial reports,” Littaua said.
InLife also reported its New Business Annual Premium Equivalent (NBAPE) of P3.72 Billion, moving up to 6th place from its 9th place in 2022, and 12th place in 2021. Its Group Insurance business grew by 19% while its Agency and Bancassurance Distribution grew by more than 60%.
“These numbers mirror our keen focus on our policyholders’ changing financial needs. InLife continues to respond to the growing need for risk protection and medical insurance through our product solutions,” said Littaua.
InLife introduced two products in 2023: Abundance, a savings and life insurance plan that gives anticipated guaranteed regular cash payouts for 20 years or until the age of 65; and Resilience a limited-pay whole life critical illness plan that provides guaranteed lump sum cash upon critical illness diagnosis, and additional health benefits.
It also reported leveraging on technology and innovation to enhance its products, services and operations through investments in digital platforms, data analytics, and emerging technologies such as artificial intelligence. These investments have allowed the Company to streamline its processes, improve efficiency, and drive innovation across the company’s entire value chain. It also invested heavily on talent development and employee and agency force engagement and focused on customer centricity through market research and customer feedback in order to meet the evolving needs of its customers across different demographics and life stages.
Strong 2024
Early this week, the Insurance Commission, thru the Philippine Life Insurance Association, released statistics on the performance of the life insurance industry based on submitted unaudited quarterly reports for the first quarter of 2024. The statistics showed InLife moving up to the 5th place in NBAPE, propelled by a 33% increase in new business premiums over the same period in 2023. In addition, InLife posted increases in the following metrics over the same period last year: 35% in Net Income, 7% in Total Premiums and 2% in Assets. These results strengthened InLife’s relevance in the local life insurance industry by ranking 3rd in Net Worth, 4th in Assets, 6th in Net Income, and 8th in Total Premiums. These strong financials demonstrate InLife’s steadfast commitment to its purpose of creating positive outcomes for its policyholders, and reaching more Filipinos who are not making financial progress in their lives.
