Generali Pilipinas breaches 2 billion mark

Insurer Generali Pilipinas (GP), the country’s strong advocate for home disaster preparedness, registered P2.08 B year-to-date premiums in November, 2007, thereby posting a 24% growth from the company’s premium income last year.

In November alone, GP’s distribution channels registered notable performance. GP’s Property & Casualty businesses, as well as its Traditional Agency channel, individually surpassed the 2006 yearend results by 10%, while Life business surpassed 2006 results as early as October. Life businesses noted a 22% increase in sales from the same period last year at P1.676 B year-to-date premiums. Property & Casualty insurance grew by 33% from the same period last year, earning a total of P406 M.

GP Senior Executive Vice President and Chief Operating Officer, Sharon Borres-Maranan shares, “From No. 8, we are vying for the top 5 rank in the life insurance sector, and the top 10 in the non-life sector.”

GP’s frontrunners are its bancassurance and brokers channels. Maranan said that GP has expanded its Bancassurance distribution channel because of the merger of its partner Banco De Oro (BDO) with Equitable PCI Bank (EPCIB). Premiums from the bancassurance business already breached the P1-B mark as early as October of this year. Meanwhile, the Brokers channel surpassed 2006 full-year results as early as September 2007.