PHILIPPINES First Insurance Co., Inc. (PhilFirst) is bullish on its growth prospects for this year, even as the nonlife insurance market remains “very competitive,” a top official said.
“We went through organizational changes with a new setup. I think this year is going to be a good year for us. With the changes and the new products that we have developed, I think growth is an assured thing,”
PhilFirst Chairman Eusebio H. Tanco said on the sidelines of the nonlife insurer’s 119th anniversary celebration on Wednesday.
Mr. Tanco said they hope PhilFirst’s two new nonlife insurance products will boost sales this year. “Celebrating 119 years is not just about looking back at our achievements. It’s about looking forward — adapting, innovating, and meeting the ever-changing needs of our countrymen.” PhilFirst President Jaeger L. Tanco said.
PhilFirst Cyber Insurance covers identity theft, electronic fund transfer fraud, and online retails scams, the company said. Meanwhile, PhilFirst Travel Insurance is targeted towards modern Filipino travelers, he said.
Mr. Tanco said they are also looking at cross-selling to boost their growth, as well as potential partnerships.
“Insurance is never a luxury. It’s a necessity.”
– Jaeger L. Tanco, PhilFirst President
PhilFirst posted a net loss of P17.75 million in 2023, according to Insurance Commission (IC) data based on companies’ annual statements. Gross premiums written stood at P380.11 million, while net premiums written were at P178.31 million. Premiums earned totaled P170.35 million.
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