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                The INSULAR LIFE ASSURANCE COMPANY, Ltd. is the first and the largest Pilipino life insurance company. Established on November 25, 1910, It has been providing financial security to generations of Filipinos for the last 95 years of unbroken service. Its pioneering ventures include the introduction of group insurance, industrial life insurance, and the direct marketing of life insurance in the country. It was the first to establish a training school for insurance and it was the first to lower premium rates. Its biggest achievement, however, was its conversion from a stock company owned by a few stockholders to a mutual company where policyholders of the company share in its profits and receive dividends which, in effect, reduce the cost of insurance. In 2004 alone, Insular Life distributed P3.7 billion benefits to its policyholders. Insular Life is the first and to date the only Filipino mutual life insurance company. Today, the company stands solidly on assets of over P44.2 billion with life insurance business-in-force of P191.4 billion. Its marketing and servicing network is the most extensive among life insurance companies in the country, consisting of 207 regional, district and service offices and general agencies nationwide.

                In 1991, in order to offer policyholders a broader range of financial services, Insular Life established four wholly-owned subsidiaries, namely,
Insular Health Care, Inc. or I-Care, a health maintenance organization; Insular General Insurance Company or I-Gen, a general insurance company; Insular Investment and Trust Company or IITC, an investment house; and Insular Savings Bank or IS-Bank, a savings bank. It also holds 21% equity in Union Bank of the Philippines and an 18 percent equity in Pilipinas Shell Petroleum Corporation, where it is the biggest single Filipino stockholder. Other equity investments include Keppel Philippines, Subic Shipyard, PLDT, Insular Century Hotel Davao, Medical City General Hospital, Asian Hospital & Medical Center and several realty firms.

Historical Highlights:

  • 1910 Insular Life was incorporated and organized as the first Pilipino life insurance company on November 25, 1910.

  • 1921 Business in-force exceeded P 10 Million.

  • 1932 Insular Life was commended by then Governor - General Theodore Roosevelt Jr. for its contribution to the Philippine economy, citing that its operations were a "great stabilizing influence.

  • 1934 The Honolulu branch was opened in Hawaii, making Insular Life the first Pilipino insurance company to operate overseas.

  • 1938 The first district office was established in Cebu City.

  • 1942 Insular Life continued operations despite the outbreak of World War II, earning the distinction of being the life insurance company with the longest unbroken service record.

  • 1945 Insular Life lost more than 92% of its bank deposits as a result of the government's move to nullify all bank balances in order to rehabilitate banking institutions in the country. The company could have conveniently declared bankruptcy and afterwards open a new company to start afresh. But realizing the damage such a recourse would have inflicted on the public's faith in the insurance industry, IL chose to pay its contractual obligations and continue its operations. Policies with premiums paid during the war with '"Mickey Mouse" currency were deemed in force and almost P 1M were paid out to beneficiaries of policyholders who died during the war.

  • 1954 Insular Life lowered its premiums, the first insurance company to do so. The company also assumed the peso business written by Occidental Life Insurance Co. of California in one of the biggest transactions in the insurance industry.

  • 1958 Insular Life introduced industrial life insurance in the Philippines.

  • 1960 The company celebrated its Golden Jubilee with a total business-in-force of P 500 Million. It likewise declared its first post-war cash dividend to stockholders.

  • 1962 The Insular Life Educational Foundation (ILEF) was established. ILEF administers a college scholarship program for deserving youths.

  • 1963 The Insular Life offices transferred to its new building m Makati.

  • 1966 Insular Life's business-in-force reached the P1 Billion mark.

  • 1976 The Office of the Insurance Commissioner approved the mutualization plan of Insular Life, making it the first Filipino Life insurance company to mutualize.

  • 1980 Company assets passed the P1 Billion mark by year end. 1987 Insular Life became a fully mutualized company.

  • 1991 Insular Life established a health care insurance subsidiary, Insular Life Health Care, Inc. (I-Care),. Acquired 99.9% of Home Savings Bank and later renamed it to Insular Savings and Trust Company.
    1992 Acquired 100% ownership of Asian Oceanic Investment House, Inc and renamed it to Insular Investment and Trust Corporation.

  • 1993 Established a general insurance subsidiary, the Insular General Insurance Co., Inc. The company ended the year with total assets amounting to P12.3 Billion.

 
 
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