Insular Life (InLife), the first and largest Filipino and only mutual life insurance company in the country, has complied with the Insurance Commission’s (IC) minimum requirement for Total Member’s Equity (TME) ahead of schedule.
The InLife Board approved to increase its TME by P600 million to make a total of P1.5 billion. This will be reflected in the November 30, 2020, month-end report to the Insurance Commission.
The P1.5 billion is more than the P1.3 billion minimum available TME requirement of the Insurance Commission by December 31, 2022.
“The Board approved the increase in the Company’s Total Members Equity by P600 Million from the present P900 Million to P1.5 Billion, in full compliance with IC Circular Letter No. 2019-67 as amended,” said InLife executive chairman Nina D. Aguas.
The IC Circular 2019-67 mandates all life insurance companies to have a minimum available net worth or members’ equity of P900 million by December 31, 2019, and P1.3 billion as of December 31, 2022.
“The foregoing action signifies InLife’s commitment to support the Insurance Commission’s thrust to strengthen the insurance industry. Amidst the pandemic and as we turn 110 years of uninterrupted service this November, we want to assure our policyholders and the public that Insular Life remains to be their strong and dependable partner in planning their financial security, ” Aguas added.
Insular Life is the first, largest, and only mutual Filipino life insurance company in the country with over 109 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones.
As a mutual life insurance company, our accountability is to our policyholders. They can be assured of being protected by a company that has an asset base of over P143 billion and a net worth of P43 billion. We have a nationwide presence in 54 branches all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the growth and security of our partners, policyholders, and beneficiaries because we exist to offer a lifetime for good for everyone.
For more information, visit www.insularlife.com.ph