Philam Life Annual Report 2012

FINANCIAL HIGHLIGHTSRevenueGross Premiums for the year amounted to P15.4 billion, arespectable 13% growth over last year. New Business ofP7.2 billion registered a robust 44% growth versus lastyear, with both First Year ( FY) premiums of P1.7 billion andSingle Premiums ( SP) of P5.5 billion posting impressivegrowths of 22.8% and 52.5% respectively. Renewal YearPremium (RYP) on the other hand was expected to take adownward trend due to limited pay policies becoming paidup.However, due to extensive conservation efforts, whichimproved persistency, the negative growth in RYP was onlyat 5%.InvestmentsGross Premiums13.6B15.4BTotal AssetsNet InvestmentIncome11.8B2011 2012 2011 2012193.2B11.3B176.6B 15.7BNet Insurance Benefits& Claims18.7BTotal Invested Assets stood at P169.9 billion, up by 8.8%versus last year. Investment Income net of InvestmentExpenses amounted to P11.8 billion, representing 4.2%growth over the previous year. Realized Capital Gains for2012 of P843 million was lower compared to last year’s P3.8billion as the previous year included one-off gains of P2billion from the divestment of certain assets.Policy BenefitsNet insurance benefits and claims amounted to P18.7billion, 18.7% up from last year due mainly to maturitiesof P4.5 billion which registered a P922 million increasecompared to last year.2011 2012Net Income7.3B3.3B2011 20122011 2012Stockholder’s Equity68.4B61B2011 2012Net incomeNet income of P3.3 billion was lower than last year’s P7.3billion. The high net income in previous year included oneoffgains from the divestment of certain assets.Shareholders’ EquityEquity balance remained resilient at P68.4 billion, 12% upfrom last year’s P61 billion, coming principally from highermarket value of bonds and equity investments combinedwith Net Income for the year of P3.3 billion.8