Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Thu, 16 May 2019 17:24:17 +0000
PRUDENTIAL Guarantee & Assurance Inc. — last year’s top non-life insurer in terms of net premiums written — said on Thursday it would focus on improving capabilities in information technology (IT) to sustain its solid performance this year.
In an interview, Prudential Guarantee President and Chief Executive Officer Anton Sy welcomed the Insurance Commission’s (IC) recent announcement that the firm bested other industry players in 2018 with a premium income of P5.18 billion, a 7.9-percent increase from P4.8 billion the year before.
Net premiums written are the gross premiums written less reinsurance cessation. They represent how much of the premiums the company gets for assuming risk.
“We are very happy with the ranking results. It would make us work harder going forward,” Sy told The Manila Times.
“In terms of future plans, we are looking at growing our market penetration by improving our information technology system to reach more clients,” he added.
According to Sy, Prudential Guarantee’s market share as of the end of 2018 was at 10.7 percent after its gross premiums written — the sum of the premiums from direct business and assumed premiums before the effect of ceded reinsurance — hit P9.6 billion.
Prudential Guarantee offers property, casualty, marines, aviation, medical and engineering insurance services.
Meanwhile, Sy said his outlook on the overall non-life insurance sector was “very positive,” given the high demand on privately funded projects, such as airports, and commercial and residential spaces.
“These big private projects will help boost the non-life insurance sector,” he added.
Earlier this week, the IC reported that four other non-life insurers performed well in 2018: Charter Ping An Insurance Corp., which posted a net premium written of P3.90 billion; Malayan Insurance Co. Inc., P3.77 billion; Pioneer Insurance & Surety Corp., P3.09 billion; and BPI/MS Insurance Corp., P3.04 billion.
Premiums of the non-life insurance sector increased by 4.6 percent to P50.83 billion from P48.58 billion, it said.
The state-run commission also reported that Malayan Insurance led other players in terms of gross premiums written, posting P10.16 billion last year.
Prudential Guarantee came next with P9.6 billion; Pioneer Insurance, P9.29 billion; BPI/MS, with P5.82 billion; and Charter Ping An, P5.67 billion.
In terms of total assets, Malayan Insurance came first last year with P34.28 billion. Pioneer Insurance followed with P31 billion; Prudential Guarantee, P14.41 billion; BPI/MS, P12.80 billion; and Charter Ping An, P11.40 billion.
The combined assets of these five companies account for 44.13 percent of the total assets of the non-life insurance industry last year, the IC said.
Including the performance of life insurers and mutual-benefit associations, the insurance industry saw its premium income grow by 11.6 percent to P290.15 billion in 2018 from P259.82 billion in 2017.