Etiqa Life & General Assurance Philippines, Inc. (Etiqa Philippines) said it leaped from the 17th position to clinch the sixth spot in the new business annual premium equivalent (NBAPE) rankings in the third quarter of 2023, affirming its strong market presence and effective strategies in attracting new businesses.
The NBAPE, a global benchmark, plays a pivotal role in assessing the sales performance of life insurance companies in the country, enabling stakeholders in the insurance industry to gauge their success on an international scale.
“Our ascent from the 17th to the 6th position underscores the effectiveness of our market presence and strategic initiatives aimed at attracting new businesses. This accomplishment not only reflects our robust standing within the insurance industry, but also recognizes the tangible results of the hard work and dedication of our team on the ground,” said Etiqa Philippines president and chief executive Rico Bautista.
Data from the Insurance Commission (IC) showed that Etiqa Philippines achieved NBAPE of P2.5 billion, positioning the company as a key player in the local insurance industry. Etiqa Philippines experienced a significant surge in its NBAPE, marking a growth rate of 251 percent. The substantial increase surpassed the industry average, which stood at a more modest 13.93 percent.
Etiqa Philippines also improved its overall rank for total gross premiums from the 15th spot to the 14th with a growth rate of 29.95 percent. The total life industry managed a growth of 0.22 percent versus the same period last year. On traditional life premiums, Etiqa Philippines grew 39.76 percent versus the industry growth rate of 25.88 percent. It also jumped two notches from 8th place to 6th.
Etiqa Philippines attributed its growth to its group insurance business, solidifying its position as a leading provider of employee life and medical benefits to over 2,000 companies in the country.
It said the improvement in the company’s NBAPE ranking could be attributed to the company’s forward-thinking approach in streamlining its insurance acquisition process through digitalization and innovation. Etiqa said it continues to grow across all lines of business.
As the country’s leading advocate of Insurtech, Etiqa Philippines is committed to fostering a positive increase in the country’s insurance penetration rate, which currently stands at 2%, by continuously delivering exceptional customer experiences and simplifying the insurance journey.
