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Insular Life Your Lifeline Across Lifetimes 2010 ANNUAL REPORT Contents 2 Message to Policyholders 28 Q & A: Mona Lisa B. De La Cruz, 59 Independent Auditors’ Report Executive Vice President, 10 Corporate Governance Chief Actuary, Treasurer and Head, 60 Consolidated Balance Sheets Administrative Operations Group 14 Subsidiaries’ and Affiliate’s 61 Consolidated Statements of Income Performance Highlights 32 Drs. Ramon and Melina Pineda: Riding off into the Sunset 62 Consolidated Statements of 16 Empowering Lives Across a Century Comprehensive Income 34 Jovencio O. Icayan: A Second 18 Q & A: Jesus Alfonso G. Hofileña, Chance at Happiness 63 Consolidated Statements of Executive Vice President and Head, Changes in Members’ Equity Sales and Marketing Group 36 100 Years of Insular Life P15.2 64 Consolidated Statements of 22 Chris Tiu: Beyond Basketball and 38 Insular Life: 100 Years of being the Cash Flows P12.6 the Tube Filipino’s Far-sighted Guardian 66 Notes to Consolidated Financial 24 Ned and Lou Chanco: Planning a 40 Making a Difference a Hundredfold Statements P12.4 Match Made in Heaven 46 Board of Trustees 116 Board of Trustees, Executive 26 Dr. Cathy and Mr. Willy Young: Committee and Management A Sure Love Affair 48 Management 117 Insular Life Group of Companies 58 Statement of Management’s Responsibility for Financial P2.6 Statements P2.12 P2.10 P72.0 P63.3 P57.9 P17.2 P14.0 P12.7 Message to Policyholders Dear Policyholders: The year 2010 was pivotal for Insular Life. Not only was it a celebration of our corporate longevity as a 100-year old Filipino company, it was also the start of a fresh chapter in our history, as we remain your lifeline across lifetimes. However, this occasion is not just about one company. The story of Insular Life offers valuable lessons. It is a story of how the Philippines has evolved—and where it is heading. How it has surmounted the odds and how it continues to become a resilient nation. It also speaks of how we all can create value, engage, and help make a difference in society. These lessons of the past will continue to guide Insular Life as it transitions to the next century. In its centennial, the Company continued to make history. We ended 2010 with sharply improved financial results on the back of better economic conditions. We also proceeded with making significant investments aimed at widening our corporate footprint and expanding our market presence nationwide. As a result, we remain well-positioned to capitalize on further growth in the Philippine economy and, longer term, to benefit from broad economic trends that hold attractive promise for the future. Trends supporting our growth Overall market trends continued to be favorable for Insular Life. In 2010, we benefited from positive developments both in the Philippine economic and political landscapes. Gross domestic product (GDP) grew by 7.3 percent – the highest growth in the post-Marcos era. Fueling robust domestic consumption were strong overseas Filipino workers’ remittance flows, benign inflation and low interest rates. The services sector posted a healthy 6.1 percent growth, largely due to the strong showing of the business process outsourcing industry. 2 2010 Insular Annual Report 3 The credible results of the May 2010 elections, as Parent company’s performance We now have a total of 21 corporate term loan In 2010, the Company acquired an investment well as the smooth leadership transition in government, Consistent with our consolidated performance, accounts worth P12.4 billion, 12.3 percent up from management system from Princeton Financial also boosted consumer and business confidence. results from the 2010 operations of our parent last year’s balance. Taking advantage of asset Systems (PFS). Aimed at further improving company, Insular Life, surpassed our targets, price surges in the Philippine Stock Exchange, we the efficiencies in investment operations and Consolidated results posting double-digit growth. New business unloaded some investments in listed stock issues and accounting, the Portfolio Accounting Management Against the backdrop of a sturdy performance premiums hit P3.2 billion – exceeding our 2009 realized additional gains amounting to P127.9 million. System from PFS is targeted to be fully operational of the domestic economy and improving global performance by 70 percent. Our investment Unrealized gains on listed stock investments stood at in 2011. market recovery, and fueled by a highly motivated income of P5.2 billion represents a 33 percent P5.7 billion as of year-end. employee and sales force, Insular Life posted its growth from 2009 levels. Net income for parent We also took advantage of asset price surges of Stronger showing most remarkable performance in its 100-year history. company reached P1.9 billion, 27 percent higher some stock issues and realized additional gains. Supporting the overall Company growth, On a consolidated basis, our net income rose than in 2009. We made a more concerted effort to build up Insular Life’s subsidiaries and affiliate also reaped 23 percent to P2.6 billion from P2.1 billion in 2009. That this stellar performance happened during our US Dollar investments to match our US Dollar dramatic gains in 2010. Increase in net income was driven by a 21-percent our centennial year made it truly a milestone for liabilities. New investments reached US$7.3 million Insular Health Care, Inc. (IHCI), our Health rise in total consolidated revenues amounting to Insular Life. at par, bringing our total investments in US dollar- Maintenance Organization arm, made 2010 a P15.2 billion from P12.6 billion in 2009. Of the amount, net insurance revenues Investing in the future We remain well-positioned to capitalize on further contributed P8.4 billion, followed by investment Riding on growth opportunities in the economy growth in the Philippine economy and, longer term, income of P4.97 billion, equity earnings of and guided by prudent management, Insular Life P933 million, net realized gains of P538 million, continued to invest in promising sectors in the equities to benefit from broad economic trends that hold and rental and other income of P358 million. market such as consumer, power and telecoms with attractive promise for the future. Total policyholders’ benefits and operating an eye on their long-term dividend potential. At the expenses rose 21 percent to P12.3 billion from same time, the Company maintained focus on shifting P10.2 billion, with gross benefits and claims on its investments into fixed income assets that ensure a denominated bonds to a par of US$89 million. banner year with record revenues of P306.4 million insurance contracts and net change in legal policy steady income stream and delivery of long-term gains To keep our liquidity position at a healthy – its highest in over 19 years. Net profit after taxes reserves accounting for the bulk of the total. for policyholders. balance, we invested P2.8 billion in money market stood at P9.0 million, which boosted total assets Total life insurance business in-force as of end- As a result, our managed assets grew by placements of top-rated banks at competitive yields. at P290.8 million. The company ended the year 2010 stood at P200 billion. 20 percent to P51.4 billion from its year-ago Interest income stood at P65.8 million, slightly with total equity of P145.1 million and with retained Consolidated assets rose 14 percent to level of P42.8 billion, with fixed income assets higher than 2009 levels. earnings of P43.0 million. P72 billion from P63 billion, previously. This was accounting for almost 70 percent of the pie. Our Investment Management team remains at While competition in the investment banking due to a significant increase in cash and cash Consistent with this strategy, we raised our the forefront of managing our six variable funds: Peso sector remained fever-pitch in 2010, subsidiary equivalents and in all the financial assets of the investments in bonds (by 12 percent to P19.6 million) Equity Fund, Peso Fixed Income Fund, Peso Balanced Insular Investment & Trust Corporation (IITC) Insular group. Consolidated liabilities grew and equities (by 31.7 percent to more than P16 million). Fund, Dollar Fixed Income Fund, Greater China Fund, continued to show commendable performance. It 12 percent to P55 billion from P49 billion in 2009 We also maximized yields from our long-term peso and Strategic Energy Fund, which have a combined recorded a net income of P3.9 million and revenues due to the increase in legal policy reserves set fixed income portfolio by extending P2.2 billion fund value of P4.13 billion as of end-2010. Year-end of P28.0 million. Its total stockholders’ equity was up for ordinary and group life insurance policies, new term loans to companies in power generation returns on these funds showed significant increases, at P471.65 million while its asset base remained as well as accident and health policies. Total and distribution, broadcasting, and retail industries. with Equity Funds leading at 66.35 percent. strong at P484.89 million. members’ equity grew 22 percent to P17.2 billion from P14 billion. 4 2010 Insular Annual Report 5 HomeCredit Mutual Building & Loan As we move into a new in which more than P2 million in cash prizes, laptop (ARA) in LOMA’s eastern region. Meanwhile, Association’s assets rose 6.9 percent to P229 million, century, we aim to be computers, mobile phones and mobile loads were Atty. Analyn S. Benito from our Legal Affairs with cash and cash equivalents significantly growing given away; the staging of an all-original musical Coordinating Office was recognized for being the top 73 percent to P56.0 million, from P32.5 million in defined as an innovative on Insular Life’s 100-year journey at the Meralco examinee in the Eastern Region for the Associate, 2009.
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