The controversy created by CAP and Pacific plans rocked and almost destroyed the reputation of the pre-need industry in the Philippines especially educational plans.
The failure of these big pre-need firms to solve the problem discouraged alot of pinoys to invest their hard earned money on this type of plans.
The recent shocking revelation of AIG (that it lost billions and asked for a bailout from the US govt), the mother company of the Philippines' leading insurance firm, Philam send chills among planholders because the company might also go down like its mother unit.
Definitely, Philam is still strong according to its owners but for how long?
Another foreign insurer operating in the country, Sunlife has exposure in Lehmans also...
Can we stiil be sure of our insurers in the philippines?
Manila Times
October 28, 2008
Education plans suffered a big drop in sales of about 72.2 percent to 610 followed by pension plans, which contracted by 24.3 percent to 4,404.
Compared with the previous month’s sales, however, all products suffered a contraction of 13.8 percent, led by education plans at 57.8 percent followed by life products at 14.6 percent. Only pension plans saw an uptick in sales of 4.2 percent.
In peso terms, preneed sales fell by 18.7 percent to P1.1 billion from a year ago with education plans registering sales of P103.8 million, 74.8 percent lower than last year. Pension plans dropped by 16.2 percent to P522.4 million but life products jumped by 47.8 percent to P477.5 million.
In the first nine months of the year, about 66.2 percent of the total sales were from life plans, followed by pension plans at 29 percent and the balance of 4.8 percent, education products.
In terms of value, pension contributed the most at 49 percent, followed by life at 38 percent and 13 percent, educational plans.
Initial collections from plan holders across products last month slid 2.8 percent lower to P125.7 million as educational plans dragged down the industry, by posting a 68.3 percent fall to P10.42 million. Life and pension plans’ initial collections rose by 43.1 percent to P37.6 million and 10.8 percent to P77.6 million, respectively.
-- Likha Cuevas-Miel
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October 28th, 2008 09:35 AM #1Last edited by jpdm; October 28th, 2008 at 09:38 AM.
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October 28th, 2008 10:02 AM #2....and the Yuchengco group of Pacific plans wants to have a piece of the Philam group of companies...
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October 28th, 2008 05:40 PM #3Well, Philam actually made no comment when YGC expressed their desire to buy the company.....
Originally Posted by True Faith
....and the Yuchengco group of Pacific plans wants to have a piece of the Philam group of companies...
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October 28th, 2008 05:59 PM #4Yup, that is right!
In fact, it was in the news about this "snub."
Anyway,
*jpdm
what are the more stable pre-need companies now in the Philippines?
Is Fortune Life, ok?
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October 28th, 2008 06:17 PM #5What insurers? The pre-need industry is different from the life insurance business.
Plus your overgeneralized statement bout Philam following suit what happened to AIG is a very misleading one.
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October 28th, 2008 07:40 PM #6Of course. Originally Posted by mazdamazda
Read again.Plus your overgeneralized statement bout Philam following suit what happened to AIG is a very misleading one.
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October 28th, 2008 07:15 PM #7Actually, insurance companies in the Philippines have alot of products. For instance Philam Group provides a wide array of products. Originally Posted by True Faith
Below are the biggest and by far the most stable and respected in the country:
Title: Prudentialife Plans, Inc. Description: Leader in the Pre-need industry. Offers Comprehensive Life, Education and Pension plans for the Filipino family.
Title: Philam Group of Companies Description: Offers a wide variety of insurance and financial services in the Philippines: from life and general insurance, pre-need plans, health care management, property development, mutual fund investments, savings and mortgage, property and casualty insurance and credit cards.
Title: Ayala Life Assurance, Inc. Description: A Philippine insurance company offering individual and group life insurance, health care, pre-need and financial products and services.
Im not sure about Fortune but it was founded by Ambassador Antonio Cabangon-Chua.
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October 28th, 2008 07:27 PM #8Thanks, jpdm!
I saw in the news that respected companies are very much attracted to the Philam Group..
..notably Ayala and the BDO group..
...Even the monolith GSIS is interested with Philam..
..This shows that Philam is a very very attractive investment...
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November 23rd, 2008 05:57 PM #9Iba talaga pag pre-need... a traditional life insurance product makes even more sense than a pre-need plan. Like we have experienced, even high profile pre-need companies cannot deliver on what they promise. Unlike traditional ones na garantisado.
on another note...
New York Life has left the country... PNB Life na ang nag-assume nito, if I am not mistaken.
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Originally Posted by True Faith
