InterAksyon.com
The online news portal of TV5
MANILA - BDO Unibank Inc has dropped its non-life insurance business with Generali Philippines.
In a statement, BDO said it would give up its three-year joint venture starting January 1, 2013, as the lender would focus instead on life insurance.
"After three years, our board is fully convinced that any further effort to operate our non-life business has become far less attractive due to an overly competitive market and to the significant increase in catastrophe reinsurance costs, a consequence of a series of natural events that recently occurred in Asia. The above reasons, all of which are not expected to improve in the near future, led the board to this unanimous decision." Generali president Vergel de Dios said.
The decision to ditch the non-life business comes on the heels of improved performance.
?New individual insurance sales, arising solely from regular premium products, were up 30 percent for the same period, while individual renewal premiums grew at a hefty rate of 59 percent. Group life and health premiums on the other hand were up 25 percent,? BDO said.
"A key driver to this growth is the company's sustained efforts to beef up its primary bancassurance distribution channel. Generali Philippines now employs a bancassurance sales force numbering over 500 who operate in more than 750 BDO branches nationwide,? the bank said.
According to the lender, the sales performance represented a three-fold increase from a year ago and ?the result of the company's investment in sales training and supervision, improved field management systems, and concentration on its broad-based target markets.?
"Our efforts in developing a professional bancassurance sales force by building strong fundamentals have started to bear fruit," De Dios said.
"This move has brought us closer to our ultimate objective of helping bank clients buy the right insurance products for their expressed needs. In the process, we enable our financial advisers to achieve their own financial aspirations via a rewarding sales career in Generali," he said.
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Source: http://www.interaksyon.com/article/51311/bdo-ends-non-life-insurance-joint-venture-with-generali
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