Philam Life Annual Report 2012

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PRESIDENT’S REPORTOverview of 2012The year 2012 was a memorable year for Philam Life as thecompany celebrated its 65 th Anniversary, commemoratingits long history of excellence and leadership in thePhilippines. Since its establishment on June 21, 1947,Philam Life has been instrumental in nation-building bycreating a “house of savings” and helping generations ofFilipinos achieve their dreams.The year 2012 can also be described as a year oftransformation and sustained growth for Philam Life asthe company continued its growth momentum from theprevious year through various initiatives and activities.65 th Anniversary CelebrationThe 65 th Anniversary celebration in June was an importantmilestone. With the theme, “65 years of Empoweringthe Filipino,” the week-long celebration had variouscomponents that involved employees, agents, businesspartners, and the general public.Also part of the celebration was the launch of Philam Life’s“Real People. Real Stories.” advertising campaign heraldingthe company’s message of empowerment.The 65 th Anniversary celebration showcased the nobility ofthe company’s mission -- empowering Filipinos to achievefinancial security and prosperity by providing protectionwhen they need it most and by helping them live life to thefullest through investments and wealth management.TransformationTransformation was an important facet in the company’s2012 story. Philam Life adopted AIA’s visual identity andcorporate branding. From blue and green, Philam Lifechanged its logo to red, adopting the boldness and dynamismof its parent company AIA. The original typefacewas retained as this has been a recognizable aspect of thecompany’s brand identity in the Philippines.The new corporate branding was rolled out in all officesnationwide alongside the construction of common brandedfacilities, to create an enhanced work environmentfor employees both in the home office and in regionalbranches.Among the most prominent drivers of transformation in theorganization is the “Power it Up!” program which started asan organizational transformation program, and has evolvedinto an overall business strategy. The program involvesfour major areas: Employee Engagement; WorkplaceEnhancement; Rewards and Benefits; and Work Enablers.Employees were engaged through sports events, provincialtownhalls, family day activities, health & wellnessprograms, and special interest clubs. Furthermore, theirwork environment was enhanced through branded facilitiessuch as pantry areas and employee lounges along withoffice renovations.Power it Up! was also adopted by the Agency force throughrevitalized initiatives that enhance agent productivity.The Power it Up! program was not only admired locally butalso gained recognition within AIA.His Excellency Philippine President Benigno Aquino III (center) gracedPhilam Life’s 65th Anniversary celebration.(L to R) The Power it Up! team--Isis Huang, Lucky Diaz, Miah Juliano,and Mina Juco with Mr. Gordon Watson and Mr. Rex Mendoza.4
Operating PhilosophyThe AIA Operating Philosophy of “Doing the right thing, inthe right way, with the right people” was rolled out duringthe last quarter of 2012, establishing the unique culture ofAIA across all 16 markets -- that we will always do what isright as a company moving towards the future.The Philam Life corporate policies include, among others:AIA Code of Conduct that provides for the ethical guidelinesfor conducting business on behalf of AIA companies, ofwhich Philam Life is a member. It specifies:a.) The duty to safeguard material non-publicinformation from improper use. The Insider TradingPolicy provides for the details on how to deal with suchinformation.b.) Commitment to conduct the business in a mannerthat protects the health, safety and security of employees,customers and other stakeholders.c.) It seeks supplier partnership with diversebusinesses.d.) Not to use improper means to influence another’sbusiness judgment. NO employee, agent or independentcontractor may provide bribes or other improper benefitsto another person in order to obtain or retain business oran improper advantage in any business. A separate Anti-Corruption and Anti-Bribery policy have been crafted toguide on persons concerned.Whistleblower PolicyAs a member of the AIA Group, Philam Life adheres tothe AIA Group Whistleblower Protection Policy, whichprovides a procedure for filing and addressing complaintsof retaliation for whistleblowers who make disclosuresconcerning improper or corrupt conduct. The policy aims toestablish corporate values and culture that support ethicalbehavior and assure confidentiality and non-retaliation tothe whistleblowers. Reporting of concerns or suspicionsmay be made by multiple means, including reporting toa manager, a department head, a compliance officer orother control function officer (e.g. internal auditor), GroupCompliance, etc. The report may also be made anonymouslyby using the AIA Group Ethics and Compliance Hotline(PLDT) 1010-5511-00-800-245-4179 or 105-11-800-245-4179.Business ReviewCapitalizing on the momentum of the previous year,Philam Life took its transformation program further andstrengthened initiatives that build the business such asrevitalizing the agency force; strengthening the drive forprotection and unit-linked products; sustaining focusedprograms for key market segments; and enhancing synergywith affiliate companies.Agency EvolutionUnder the PremierAgency strategy,Philam Life aims totransform its agencydistribution notonly as the best inscale, but also asthe best in class.Recruitment effortswere strengthenedthrough regular Business Opportunity Programs. Inaddition, two recruitment programs were institutionalizedto attract quality recruits who can be developed intopremier advisors and premier leaders of the company. ThePremier Center was also built to provide top of the linetraining facilities for premier financial advisors. The PhilamLife Agency was adjudged Best in Recruitment by PhilamLife’s parent company AIA for fiscal year 2012.Market SegmentationThe Premier Center on the 15F of thePhilam Life Head Office in Net Lima,Bonifacio Global City, Taguig.Continuing its market-based approach to tap key segmentsof the insurance market, Philam Life embarked on thefollowing programs: 1) Balikbayani Program for OverseasFilipino Workers (OFWs) and their families to orient themon the importance of financial management and planningfor their family’s future; 2) Estate Planning & InvestmentForums for Affluent/Chinese Market to guide them onestate planning and various investment options; 3) WealthManagement Forums for entrepreneurs & professionals toorient clients on wealth-creation tools and opportunities;and 4) MoneyWorks program for the employed segmentto guide them on how to manage expenses and theimportance of savings and investments.5
Page 1 and 2: 2012 Philam Life Performance Report
Page 3: “The year 2012 was a year of tran
Page 7 and 8: established in July 2011, reports d
Page 9 and 10: AFFILIATES & SUBSIDIARIESBPI Philam
Page 11 and 12: CORPORATE GOVERNANCEProfile of the
Page 13 and 14: Cesar A. Buenaventura, O.B.E. (83)I
Page 15 and 16: Ricardo J. Romulo (80)Non-Executive
Page 17: REPORT OF THE DIRECTORSThe Board of
Page 20 and 21: PHILAM LIFE SENIOR MANAGEMENTStandi
Page 22 and 23: FINANCIAL STATEMENTSREVENUE2012 201
Page 24: About Philam LifeThe Philippine Ame

Philam Life Annual Report 2012

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