2007

was a good year for Mapfre Insular as we were able to move forward notwithstanding the vagaries of marginal pricing and discounting. Amid the environmental difficulties experienced by the business community in general and our industry in particular, we are proud to report that we managed to exceed expectations and posted double digit growth rates.

 In spite of mounting competition, Mapfre Insular generated PhP 1.33 Billion in Premiums Written, a 12% growth over 2006, allowing your company to further improve its standing in the non – life industry. Equally noteworthy was our growth in Earned Premiums to PhP 865 Million representing an increase of 10%.

 We conducted business with an eye fixed firmly on the bottom line and this keep us focused to achieved a combined ratio of 93.25%. Our improved income performance, which grew by 21% to PhP 133.5 Million, was a result of prudent underwriting management and control. All told we capped another banner year with a 12.74% return on equity. This all the more highlights Mapfre Insulars continuing mission of upholding the interest of all its publics: its policyholders and clients, its intermediaries and business partners, its employees and its shareholders.

The level of success we achieved in 2007 would have been extremely difficult to achieve without the seamless interaction and engagement between the Mapfre Insular core organization and our extended family of business partners. Credit also goes to the men and women who managed and safeguard our internal processes at Mapfre Insular. The unselfish efforts of everyone in the organization enabled us to hurdle the challenges and difficulties we faced in 2007.  

2008

will certainly present a lot of opportunities but not without its challenges. However, we remain unfazed as we rely on a strong and tested business platform from which to launch our 2008 campaign. We will continue to keep our sights on our vision and mission because we believe that everything we will need to succeed again can only come from relentlessly pursuing its realization. 

The drive for increased customer satisfaction also continues. In 2008, the market can expect continuing innovation designed to bring service closer and more readily available to policyholders. Financial results may vary due to various factors that influence our business but customer satisfaction is something that we can decisively influence. We will constantly empower our intermediaries and business partners to enable them to successfully take on, adapt and conquer the ever changing business environment. 

Integrity and responsible corporate governance will continue to be the cornerstones of our corporate policies. Our high standards and code of business ethics are our commitment to do business transparently and fairly. 

And finally, we express our sincere gratitude to our Board of Directors for their invaluable guidance which will once again be our beacon in pursuing our business objectives. With their stewardship and wisdom, we can only look forward to another good year.

We ensure the quality of your life.