Philam Life CEO eyes sustained rise of premiums as PHL economy expands
By Joann Santiago
MANILA, Oct. 21 (PNA) — The Chief Executive Officer (CEO) of Philam Life is optimistic on the continued rise of premiums for the company given the sustained strong growth of the domestic economy.
Philam Life CEO Aibee Cantos said the robust growth of the economy provides more job opportunities and higher income for Filipinos.
”If they have more disposable income then they have the ability to either save, invest, and buy protection like insurance. So effectively this will be good for the industry,” he told reporters in an interview.
Cantos, however, declined to give the company’s premium target for this year.
Insurance Commission (IC) data show that Philam Life ranked third in terms of total premiums in 2015 after it registered premiums amounting to Php 21.2 billion.
Cantos said the company is heavily invested in long-term securities, mostly in government securities (GS).
He is optimistic on the continued growth of the domestic economy given the strong fundamentals and improvement of several sectors particularly the business process outsourcing (BPO) and tourism as well as remittances.
“Those are making our economy very strong and sustainable,” he said.
Cantos said Filipinos’ knowledge and appreciation of insurance products had increased.
”But that does not mean that these will result to action,” he pointed out, thus, the company’s strong push to further increase the number of their agents.
To date, the company has about 7,000 agents and Cantos said they want to double in the near term.
“Filipinos can best appreciate life insurance through our financial advisors who have been well-trained and properly equipped to listen and to help address the customers’ financial protection needs,’’ he added. (PNA)