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Ayala Life’s Net Income Up by 213.5% |
 Ayala Life Assurance Inc. recently announced it achieved a net income of P 1.04 Billion in 2007. This disclosure is based on the firm’s audited financial statements for 2007. The cited figure is a 213.5% increase from the 2006 net income of P 331.8 Million, resulting to a significant contribution by the insurance subsidiary of the Bank of the Philippine Islands (BPI) to the bank’s income.
According to Ayala Life President, Emilio de Quiros, “the increase is driven by the growing Bancassurance distribution channel, astute calls made on its investment portfolio and the sale of the old Ayala Life building.”
Total premium grew by 13% from P 1.56 Billion to P 1.75 Billion. The first year premium income grew 47.8% due to increases in the volume of business generated by the different distribution channels, namely Agency Force, Alternative Channels and Bancassurance. The Group insurance business increased 12%, from P 389.1 Million to P 434.5 Million. |
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