Pioneer Life premiums up 60% in 2010
MANILA, Philippines - Insurer Pioneer Life Inc. posted a 60% rise in total gross written premiums (GWP) last year.
The life insurance arm of the Pioneer Group of insurance companies collected a total of P1.1 billion in GWP in 2010.
Company president and chief executive Lorenzo Chan Jr. attributed their growth to the expansion of the company's "sales force" and variable life products.
"It was a good year for the insurance industry as we benefited from the recovery of the financial markets," he said.
Chan noted that Pioneer Life's "retail" products, or those that are more affordable, also enjoyed higher sales.
"Our bite-size insurance products allow us to make inroads into this large but challenging market. Obviously, we would like more Filipinos to benefit from the protection and financial wellness offered by insurance," he added.
Moving forward, Chan said: "The journey continues for us to better serve our existing customers and to expand our reach to the mass market through existing and additional distribution channels."
"With less than 20% of Filipinos insured, we have to work harder to ensure that the other 80% is served."
The official said the non-life arm of the Pioneer Group was also poised to hit or exceed its financial targets for 2010.