This is a complete guide on the financial health, performance and ranking of Insular Life. Insular Life's financial health is relatively good based on the financial statements that it published. Every year, the company publishes the financial reports in it's website so that the clients and the policy holders can be able to view the financial health of the company. Knowing the financial health of the company can help you asses if the company can be able to pay it's obligations and investments in the future. View their latest annual reports here.
We spoke with some of the financial advisors from Insular Life and asked them what makes Insular Life a great company. Here are the top 10 answers that we got:
1. The company is not mainly for profit but to help it's clients because it is the only non-stock insurance company in the Philippines.
It can be noted that Insular Life is a mutual company and not a stock company, therefore it does not have any stockholders. The owners of Insular Life are the policyholders and clients. If the company earns a profit it will declare dividends back to the traditional policy clients of Insular Life. Therefore owning a traditional policy means that you are also owning a piece of the company. Also you get to be invited to the annual member's meeting done every April/May at the head office because as a policyholder, you are the owners of Insular Life.
2. The products of Insular Life are usually cheaper because of it is a mutual benefit non-stock company.
Because Insular Life is the only mutual benefit non-stock company in the Philippines, the products charges, insurance charges and investment fund management fees are much cheaper than some other companies because it does not need to price its products much more expensive because it does not need to give profits or dividends to the stockholders. Further, it has special tax incentives and benefits because it is a non-stock company. The taxes paid by Insular Life are much cheaper than stock owned Insurance companies.
3. The fund management fees of Insular Life are one of the cheapest in the Philippine Insurance Industry.
Industry wide the fund management fees of equity funds are 2% and above. But in Insular Life, they have an equity fund that has a fund management fee of 1.75% only. Other companies charge 2%, 2.25%, 2% or even more for the equity fund management fees. Again, this is because of the prudence and financial stewardship of Insular Life. Insular Life is also one of the companies that are very transparent on how the fund performs, where the money is invested and what were the expenses incurred in the fund. Check the annual investment report here.
4. Insular Life allows you to invest not just the local stock market but also in the international stock market through it's partnership with Fidelity which is one of the largest and most trusted fund managers in the United States.
Most life insurance companies only allow you to invest in local companies but not in top performing international companies. With it's partnership with Fidelity, the clients of Insular Life can invest easily in the international stock market without the need to convert their money from peso to dollars. Insular Life makes things easier for it's clients.
5. It is the only insurance company in the Philippines that caters to all types of insurance clients whether life insurance, non-life or health card (HMO)
Did you know that Insular Life is the only life insurance company that has a life insurance (Insular Life), non-life insurance (Mapfre-Insular) and HMO (Insular Healthcare) all in one? Did you know that Insular Life is also part-owner of Union Bank? This means clients of Insular Life need not find other companies for their health card, banking, car insurance, home insurance, surety bonds and other non-life needs.
6. Insular Life won twice in a row for 2017 and 2018 the Reader's Digest Trusted Brand Gold Award thanks to the great executives and board members who are running the company
Insular Life has been bagging consistent awards locally and internationally. It has been awarded the Reader's Digest Trusted Brand Gold Award consistently as well as the Domestic Life Insurer of the Year award for 2017 and 2018. The Executive Chairman of Insular Life is no less than Ms. Nina Aguas who was an executive of Citibank and ANZ before becoming part of Insular Life. What's notable about this lady is that she became Citibank N.A.'s Country Business Manager for Global Consumer Banking in the Philippines and became it's first Filipino female CEO. Citibank for 98 years, has been directed by male expatriates. Recently Ms. Aguas also joined the roster of World Bank Group’s Advisory Council on Gender and Development. Insular Life is blessed to have Ms. Nina Aguas as the Executive Chairman.
The President of Insular Life, Ms. Mona Lisa de la Cruz is one of the best actuaries in the Philippines. Prior to become president she headed the Actuarial Divison of Insular Life. Actuaries are the people in charge of making sure that the insurance company creates great insurance products. She earned her undergraduate degree in Statistics, cum laude at the University of the Philippines and completed her Masters of Science in Mathematics, major in Actuarial Science from the University of Michigan. She is a Fellow of the Actuarial Society of the Philippines and an Associate of the US Society of Actuaries.
7. The company is the largest Filipino insurance company and the second largest insurance company in the Philippines
Insular Life despite being 100% Filipino owned is able to maintain it's ranks as the second largest life insurance company in the Philippines. Data from the insurance commissions backs this. For more information on the ranking of the top life insurance companies visit here.
8. Insular Life has a fully automated application system that gives an automated decision whether you are approved or not with your application within seconds.
Most life insurance companies are not fully automated. Meaning, they still use pen and paper in the application process. Although Insular Life still has a pen and paper process for those who prefer it, the company pioneered the first fully automated underwriting system in the Philippines. Meaning when you apply with your financial advisor for an investment or insurance, you simply input in the tablet your information and within a few seconds the system will inform the client if he is approved, rated or declined. Other companies usually give the decision the next day. Why wait the next day when you can have it in seconds?
9. Insular Life has become virtually cashless by partnering with VISA and Mastercard with it's automated application system.
When you apply for an insurance or investment with Insular Life you do not need to go to the bank and withdraw money. Just like buying a plane ticket you can pay for your initial premiums online. This makes things hassle free, easy and fast.
10. Supporting Insular Life supports hundreds of scholars in the Philippines through the Insular Life foundation.
Supporting Insular Life means that you are supporting also the scholars and students of the Insular Life Foundation. The Insular Foundation, Inc., formerly the Insular Life Educational Foundation (ILEF), was established in 1963 as one of the first corporate foundations in the country. Since then, it has served thousands of school children attain higher education and achieve a better life through scholarship grants for college and technician courses. It also helped hundreds of teachers improve their knowledge and skills through in-service teacher training, and hundreds of principals develop better interpersonal and managerial skills to run their schools.
Lastly, the company is proudly Filipino owned and patronizing Insular Life increases our country's GNP (Gross National Product) and helps improve our country's economic performance
Did you know that the a country's economy performs well if we support local companies than foreign companies? In the Philippines there are more imports than exports. This means that we are buying more foreign products and services than we are selling abroad. This creates an economic problem called a trade deficit. OFWs and BPO agents having been called as the new Philippine heroes because they bring in dollars and foreign exchange to the country. Supporting local brands will reduce our dependence on imports.
Countries with strong local brands are the one's who have a strong economy. Take for example South Korea with it's Samsung, LG, Hyundai, K-pop and more. South Korea was not as progressive as the Philippines decades ago, but now it is much more progressive.
It can be noted that strong countries have companies that are very known world wide. The US is a strong economy because there are several companies that are being patronized by the people in the US or even outside the US. However, recently China has been selling more products to the US than the US selling products to China. This is now a growing economic concern of the US.
Always remember, supporting local companies will increase a country's Gross National Product (GNP). Having a growing GNP is a very good indicator of a country's economic health.
By supporting Insular Life you are also supporting the Philippine economy. As a Filipino it really makes sense to support Insular Life. The products are great, the prices are affordable, the fees are reasonable and the company is strong and stable as shown in the rankings and it's financial statements.
If you need a life insurance proposal from Insular Life or you if you would like to talk to a financial advisor of Insular Life feel free to fill out this form.
If you would like to know the ranking of other life insurance companies click here.
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