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Etiqa Philippines clinches the 6th spot in new business APE rankings in Q3 2023

Etiqa Philippines clinches the 6th spot in new business APE rankings in Q3 2023

In the third quarter of 2023, Etiqa Life & General Assurance Philippines, Inc. (Etiqa Philippines) has leaped from the 17th position to clinch the sixth spot in the New Business Annual Premium Equivalent (NBAPE) rankings, affirming its strong market presence and effective strategies in attracting new businesses.

As a global benchmark, the NBAPE plays a pivotal role in assessing the sales performance of life insurance companies in the country, enabling stakeholders in the insurance industry to gauge their success on an international scale.

According to data from the Insurance Commission (IC), Etiqa Philippines reported an NBAPE reaching PHP 2.5 billion, positioning the company as a key player in the local insurance industry. Etiqa Philippines experienced a significant surge in its NBAPE, marking a growth rate of 251%. This substantial increase surpassed the industry average, which stood at a more modest 13.93%.

Etiqa Philippines also improved its overall rank for Total Gross premiums from the 15th spot to the 14th with a growth rate of 29.95%. The Total Life Industry stood still at 0.22% versus the same period last year. On Traditional Life premiums, Etiqa Philippines grew 39.76% versus the industry growth rate of 25.88%. It also jumped two notches from 8th place to 6th.

                This outperformance indicates the company’s effectiveness and proficiency in generating new businesses and enhancing accessibility to insurance solutions to more Filipinos. Etiqa Philippines attributes its significant growth to its group insurance business, solidifying its position as a leading provider of employee life and medical benefits to over 2,000 companies in the country. Meanwhile, the improvement in the company’s NBAPE ranking can be attributed to the company’s forward-thinking approach in streamlining its insurance acquisition process through digitalization and innovation. Today, Etiqa continues to grow across all lines of business – Group Life and General Insurance, Group Medical Benefits, Individual Life and Non-Life under one unified brand.

For decades, Etiqa Philippines has garnered trust across various industries, including leading telecommunications and media brands, top eCommerce marketplaces, major pharmaceutical and healthcare companies, government agencies, multinational BPO firms, and prominent conglomerates.

Etiqa Philippines has an extensive medical network in Metro Manila supporting its group insurance business. Ranking as the third-largest nationwide, this network includes nearly 30,000 doctors and 1,600 accredited hospitals and clinics. 

Rico Bautista, Etiqa Philippines President and Chief Executive Office, expressed, “Our ascent from the 17th to the 6th position underscores the effectiveness of our market presence and strategic initiatives aimed at attracting new businesses. This accomplishment not only reflects our robust standing within the insurance industry, but also recognizes the tangible results of the hard work and dedication of our team on the ground.”

As the country’s leading advocate of Insurtech, Etiqa Philippines is committed to fostering a positive increase in the country’s insurance penetration rate, which currently stands at 2%, by continuously delivering exceptional customer experiences and simplifying the insurance journey.

Etiqa Philippines has removed traditional barriers to make it easier, faster and simpler for partners and customers to access insurance services. They have revolutionized this process by introducing innovative digital touchpoints such as Smile PH digital app, Member’s Portal, Providers’ Portal, and Doctor’s App – enabling digital access to policies and services with a few clicks.

Etiqa Philippines’ goal to provide accessible and customer-centric insurance solutions emphasizes its dedication to improving the welfare of Filipinos. By offering a diverse array of comprehensive and personalized insurance options, the company ensures that Filipinos, regardless of their background, can benefit from financial security.

Bautista emphasized, “Our extensive range of insurance options is tailored to address the diverse needs of every segment in society, ensuring that protection and peace of mind are accessible to all. Driven by our purpose to make the Philippines a better place, we aim for every Filipino to not just survive, but also thrive with unwavering financial confidence. Our mission goes beyond insurance; it is a pledge to forge a more resilient and secure future for every individual across the Philippines.”

Etiqa Philippines is poised to continue setting new benchmarks and shaping the insurance industry with its innovative approach. By continually embracing innovation as its driving force, Etiqa Philippines strives to be a catalyst for positive change and drive the insurance industry forward. Etiqa is a leading ASEAN insurer present in Malaysia, Singapore, Indonesia, the Philippines and Cambodia, and part of regional parent organizations Etiqa International Holdings and Maybank Group.

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