BDO Life Assurance posts P6.3B in total premium income in Q3

BDO Life Assurance Company Inc., the wholly owned life insurance subsidiary of BDO Unibank Inc., on Monday reported a 24-percent growth in total premium income in the third quarter, from both new business and premium renewals.

In an emailed statement, the company said it capped the third quarter with P6.3 billion in total premium income as new business premiums in individual life insurance grew by 28 percent in terms of annual premium equivalents (APE) year-on-year.

The company's renewal premiums rose 30 percent year-on-year.

"BDO Life's continuous growth for the past six years mirrors parent BDO Unibank's aspiration to be a major player and the leading local company in the life insurance space," it said.

BDO Unibank in July secured regulatory approval to acquire full interest in Generali Pilipinas Holdings Company Inc., the lender's joint venture with Italy's Assicurazioni Generali S.p.A.

It is the parent firm of life insurer Generali Pilipinas Life Assurance Co., and non-life insurer Generali Pilipinas Insurance Co.

"Leveraging the BDO brand to its fullest is a key activity that solidly positions us as a serious contender in the life insurance space," BDO Life President and CEO Renato A. Vergel De Dios said in the statement. — Jon Viktor D. Cabuenas/VS, GMA News