Generali Pilipinas (GP) and BDO Bancassurance Hits More Than a Billion

GP and BDO’s Bancasurance Team overtakes its 2008 Individual Life Premiums, reaching P 1.175 billion premiums in May 2009 or a 97% increase from the same period last year.

GP-BDO Bancassurance venture consistently accounted for a record-breaking performance for three consecutive months. GP President and CEO Mr. Derek Chan said that Bancassurance’s superb results in March, April and May is an indication that it can again break its record in June. He said, “Our initial target was to reach P1.2 billion in June 2009. With the favorable condition, I believe we can exceed P1.5 billion by the end of June, and Bancassurance production alone may exceed GP’s entire companywide production of P2.6 Billion by the end of the year.”

On the other hand, GP SVP and Bancassurance Head Melvin Esteban attributed the Channel’s growth to the synergy between BDO’s Branch Banking Group and GP’s Financial Advisors. “Our growth is a reflection of the clients’ confidence in the GP and BDO partnership. Our approach to our clients is holistic. We want our clients’ wealth to grow and be protected as well. And this is very much appreciated by our clients” he said. “Also, with the launching of new products this year, we will be able to further meet their needs,” he added.

Mr. Esteban also expressed his confidence that the synergy between the companies will make it one of the best bancassurance models in the industry.

GP is a partnership among three financial giants. Assicurazioni Generali of Italy, one of the world’s largest insurance company, Jerneh Asia Berhad of Malaysia, a specialist insurer in the marine, industrial, and engineering fields, and BDO, the country’s largest bank.

GP is a one-stop-shop for all your insurance needs. Its products and services include individual life insurance, group life and medical, auto and home insurance, small and medium business protection, as well as commercial property insurance. It has offices in Metro Manila, Bacolod, Baguio, Cebu, Davao and other major cities throughout the country.