2009

was a very special year for MAPFRE INSULAR as we marked our 75th year in the industry.

Today, MAPFRE INSULAR is stronger than it has ever been ranking among the top five in the industry in terms of earned premiums, investment income and net income. We also rank among the highest capitalized non-life insurance companies in the country and are also one of the most solvent.

There will always be challenges and trials to face but these give us the determination to do even better. One such year was 2009. Amidst the business difficulties we faced in 2009, we managed to end the year with gross premiums of Php 1.542 Billion which was 8.2% better than 2008 while earned premiums almost hit the Php 1.000 Billion mark. Net income in 2009 amounted to Php 184.4 Million which was 15.2% better than the previous year. We ended the year with a combined ratio of 93% and a ROE of 14.64%, one of the best in the non-life industry.

But more than just the profit numbers, we are humbled to have been able to do our share to help our fellow countrymen in times of disaster. MAPFRE INSULAR, in close coordination with CARITAS and with the financial assistance and support of FUNDACION MAPFRE, extended aid to the victims of Typhoons Ondoy and Pepeng by distributing family bags to 8,500 families in Calamba-Laguna, Muntinlupa City, Baguio City, Itogon-Benguet, Bauang-La Union and Urdaneta City, Pangasinan.

We integrated social concerns together with the usual measure of revenue and profit and this etched something in us that we will never forget. In addition to settling claims as a result of ravaging flood waters, we are honored to have made a contribution to the calamity victims. MAPFRE INSULAR employees and agents, in the spirit of ‘bayanihan’, went beyond the call of duty to help those in need. This unselfish act made our anniversary more meaningful.

2010

And so we leave behind a bittersweet 2009 and move on to 2010 with greater hope and a stronger outlook. 2010 will surely bring forth challenges but we will take them as opportunities to motivate us to do better. We look forward to see changes that will be constructive to our drive for excellence and exceeding expectations.

The unselfish efforts of everyone in the organization enabled us to hurdle the challenges we faced in 2009 but we must also pay tribute to the men and women who were and are responsible for what MAPFRE INSULAR is today: the original founders who started it all in 1934 as well as today’s shareholders who continue to provide valuable guidance; to the handful of agents who introduced us to the market place then to the more than a thousand business partners today who have significantly broadened our market share; to the ‘buena mano’ customers who then brought in our first peso of business to the thousands of policyholders today who continue to bestow their trust in us; to the pioneer employees who manned the Company in Escolta, Manila 75 years ago to the dependable workforce today and, of course, to the Board of Directors that have served the Company illustriously in the past 75 years.

To all of them, we extend our heartfelt and profound gratitude.

 We ensure the quality of your life.