Written by Erik dela Cruz / Reporter
www.businessmirror.com.ph
Monday, 09 August 2010 20:19
THE Insular Life Assurance Co. Ltd., the third-biggest life insurer in the Philippines in terms of premium income and No. 2 in net worth, on Monday said its full-year net income was likely to exceed its 2010 target of between P2.2 billion and P2.3 billion as sales grew in the first seven months across all product lines.
Mapfre Insular Insurance Corp.—partly owned by Insular Life and which ranks among the top five in the nonlife-insurance industry in terms of earned premiums, investment income and net income— said it was targeting a full-year net income of P204 million, from last year’s actual earnings of P184 million.
In a joint press conference following an economic briefing for corporate clients at the InterContinental Hotel in Makati City, executives of the two insurance companies painted a rosy outlook for their businesses this year and announced a “strong” recovery in sales of investment-linked products.
Mayo Jose Ongsingco, president and chief operating officer of Insular Life, said the company’s first-year premiums in the first seven months reached P1.4 billion, up 8 percent over last year. “We’re confident that we will surpass ourtarget this year.”
Vicente Ayllon, Insular chairman and chief executive officer, attributed the growth, particularly in investment-linked product sales, to the renewed confidence of investors in financial markets.
Insular’s Peso Equity Fund, launched in March 2005, saw its net asset value per unit reaching an all-time closing high on July 19 with a 110.54-percent yield. The Fixed Income Fund recorded a 48.09-percent yield while the Balanced Fund, which invests both in equities and fixed-income instruments, obtained a 68.73-percent return.
Ayllon also said premiums from traditional insurance products continued to post a double-digit increase.
Enrique Clemente III, president and chief executive officer of Mapfre Insular, said growth prospects for the nonlife-insurance business this year were bright amid rising car sales and increasing construction activities. “We’re quite optimistic as far as our top line is concerned.”
The company’s bottom line this year, however, is still expected to show the impact—in terms of claims—of Typhoon Ondoy, which destroyed properties worth billions of pesos last year.
“But I think the worst is over. We only have a few claims left [unpaid],” Clemente said.
Mapfre Insular, a subsidiary of Mapfre Internacional of Spain, ended 2009 with total assets of P2.82 billion and an equity base of P1.32 billion.
“We are very optimistic that in the second semester, we will see much better results owing to the continued economic-recovery and renewed confidence in government,” said Ayllon of Insular Life, which has a net worth of P14 billion.
The executives presented their upbeat business projections shortly after an economic briefing for their corporate clients, which was cosponsored by the Philippine Chamber of Commerce and Industry.
The Philippine economy is expected to grow by 7 percent to 8 percent this year, with the growth rate in the second quarter likely to be better than the first-quarter expansion of 7.3 percent, according to Dr. Bernardo Villegas, economist and senior vice president at University of Asia and the Pacific.
Villegas, known for his usually optimistic economic forecasts, said the government should aim to attract at least $5 billion in foreign direct investments (FDI) by next year to ensure a meaningful economic growth, noting that last year about $10 billion in FDI boosted Indonesia’s economic growth, while Vietnam is currently attracting $7 billion in FDI annually.
Spanish insurance giant Mapfre on Thursday took another step in its expansion drive in the Americas, announcing plans to join with Panama’s Aseguradora Mundial to create the market leader in that sector in Central America.
If the deal goes through, the Spanish company would have a 65 percent stake in the new venture.
Mapfre announced in a statement that the new company would encompass the Spanish group’s units in El Salvador as well as Mundial’s subsidiaries both in that country and in Panama, Costa Rica, Nicaragua, Honduras and Guatemala, where Mapfre’s presence is limited.
The new venture would become the market leader in Central America with $223 million in premiums and $101.1 million euros ($152.5 million) in shareholder equity, although its presence would be larger in El Salvador and in Panama, where Aseguradora Mundial is the third largest player with a 15.67 percent market share.
Mapfre and Mundial said the agreement “will be a significant source of value creation and will allow (the companies) to strengthen their competitive position in the region.”
The Spanish giant said “the deal will represent a new and important growth path and will facilitate its expansion in the Central American region, as well as notably reinforce its management capacity through the incorporation of management teams from the different countries in which Aseguradora Mundial operates.”
Mapfre and Grupo Mundial, Aseguradora Mundial’s parent company, said they expect the deal to be formalized in December, although administrative authorizations – to be granted in 2010 – will still be required to create the new entity.
The Central American press says the deal is valued at $210 million (140 million euros) and leaves the door open for Mapfre to acquire the remaining 35 percent in the venture.
Mapfre announced in October that it formed a strategic alliance with state-owned Banco do Brasil, Brazil’s largest financial institution, to jointly develop the insurance businesses of both groups in the Brazilian market.
The new company is to have a 16 percent market share in that South American country.
MADRID – Spanish insurance giant Mapfre on Thursday took another step in its expansion drive in the Americas, announcing plans to join with Panama’s Aseguradora Mundial to create the market leader in that sector in Central America.
If the deal goes through, the Spanish company would have a 65 percent stake in the new venture.
Mapfre announced in a statement that the new company would encompass the Spanish group’s units in El Salvador as well as Mundial’s subsidiaries both in that country and in Panama, Costa Rica, Nicaragua, Honduras and Guatemala, where Mapfre’s presence is limited.
The new venture would become the market leader in Central America with $223 million in premiums and $101.1 million euros ($152.5 million) in shareholder equity, although its presence would be larger in El Salvador and in Panama, where Aseguradora Mundial is the third largest player with a 15.67 percent market share.
Mapfre and Mundial said the agreement “will be a significant source of value creation and will allow (the companies) to strengthen their competitive position in the region.”
The Spanish giant said “the deal will represent a new and important growth path and will facilitate its expansion in the Central American region, as well as notably reinforce its management capacity through the incorporation of management teams from the different countries in which Aseguradora Mundial operates.”
Mapfre and Grupo Mundial, Aseguradora Mundial’s parent company, said they expect the deal to be formalized in December, although administrative authorizations – to be granted in 2010 – will still be required to create the new entity.
The Central American press says the deal is valued at $210 million (140 million euros) and leaves the door open for Mapfre to acquire the remaining 35 percent in the venture.
Mapfre announced in October that it formed a strategic alliance with state-owned Banco do Brasil, Brazil’s largest financial institution, to jointly develop the insurance businesses of both groups in the Brazilian market.
The new company is to have a 16 percent market share in that South American country.
The Human Resources Management Division (HRMD), in cooperation with Healthway Medical, conducted the initial Huntahan for 2010 entitled “Straight from the Heart and Understanding Hypertension” on February 12, 2010 at the Head Office Training Room.
The session was facilitated by Dr. Nelson C. Agapay Jr. He specializes in Family Medicine, and is one of the Corporate Wellness speakers of Healthway. He discussed how the heart works, what hypertension is, and its early detection and prevention.
According to Dr. Agapay, “Hypertension or high blood pressure is a measure of how hard the blood pushes against the walls of your arteries as it moves through your body. It’s normal for blood pressure to go up and down throughout the day, but if it stays up, you have high blood pressure.”
He explained that the more blood your heart pumps and the narrower your arteries are, the higher the blood pressure. When blood pressure is high, it starts to damage the heart, brain, kidneys or eyes, and this can lead to heart attack, stroke, and other roblems. “High blood pressure is called a 'silent killer' because it doesn’t usually cause symptoms while it is causing this damage,” he added.
Dr. Agapay emphasized that one can help lower his blood pressure by making healthy changes in his lifestyle. If those lifestyle changes don’t work, he may also need to take pills. Either way, he will need to control his high blood pressure throughout his life. He also
advised some lifestyle changes that one can make to help prevent high blood pressure:
• Maintain proper weight.
• Reduce salt intake.
• Increase physical activity.
• Limit alcohol consumption.
• Eat potassium-rich foods.
• Follow the DASH eating plan (Dietary Approaches to Stop Hypertension). This diet is rich in fruits, vegetables, and dairy products low in fat.
Huntahan is a periodic employee fellowship meeting where employees
drop by and listen to ‘outside-the-office’ but interesting discussions, and mingle with their fellow employees.
Insular Life invited its affiliate, Mapfre Insular, to a fun run dubbed ‘Takbo Para Sa Sentenaryo’ last March 27 to kick-off their Centennial celebration this year. The run started at 6:00AM at 8th Street of the Fort Bonifacio Global City.
There were 2 race categories – the 2.5KM and the 5KM. On each type, there were 2 sub-categories: Category 1 was for the 7-to-12-year old runners and Category 2 for 13-year old and above. More than six hundred participated, including Mapfre Insular employees and their companions.
Mr. Rizaldy B. Bernardo of Motor Car Claims Processing won the 1st Runner-up for the 5KM Overall Male Category. He received P3,000 from Insular Life and a 2-night stay for 2 persons at The Manor Hotel at Camp John Hay in Baguio City from Mapfre Insular.
Meanwhile, Ms. Anne Armine C. Corpuz of Information Technology was the first Mapfre Insular runner to cross the 2.5KM finish line, and placed 19th overall. She earned a Sodexho Premium Pass worth P2,000 from Mapfre Insular.
This fun-filled activity promoted good health among employees, agents, policyholders and the general public. Aside from the actual run, there were games, give-aways and other activities that made this event a great opportunity for family bonding, building camaraderie, or simply enjoying the outdoors.
Other than promoting health and wellness, this event was also organized for a greater purpose. The proceeds were donated to 2 organizations supported by IL in providing educational and moral assistance to the marginalized children and children of Philippine Marines who perished during the call of duty, the Educational Research and Development Assistance ERDA) Foundation and YesPinoy!
Foundation.
