23/03/2024
โBakit ibat-ibang companies ang nagcla-claim ngayon na ๐๐ฎ๐ฆ๐๐๐ซ ๐ sila?โ ๐ค๐ญ
My simple answer: There are several metrics that measure the performance of Insurance Companies here in the Philippines. Each category, may ranking, and of course, the Company would announce na Number 1 sila for that category because they are indeed the top Company for that particular area.
But letโs define each category to put some sense in terms of its merit. So here are the measures used by the Insurance Commission:
๐๐ฌ๐ฌ๐๐ญ๐ฌ โ assets are anything that have economic value for a certain company that will benefit it and its stakeholders. Usual assets of a company are cash and cash equivalents, properties, investments, inventories and others. Sa tagalog, mga pag-aari ng isang company. Very important measure since this plays a vital role sa liquidity ng isang company.
๐๐๐ฐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐๐ ๐จ๐ซ ๐๐๐๐๐ โ in laymanโs term, SALES FOR THE YEAR ng isang insurance company. How much worth of insurance policies ang naibenta ng isang insurance company sa isang taon. Very important since this shows how effective the sales force of the insurance company and how many clients are added for the year. Related ito sa next category as this will establish the "top line" ng financial performance ng isang Insurance company.
๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐ง๐๐จ๐ฆ๐ โ this shows how much profit Insurance Companies made in relation with the policies sold. At the end of the day, Insurance is still a business regardless of its purpose and advocacy. Insurance Companies still need to make profit in order to thrive and grow its market.
๐๐๐ญ ๐๐ง๐๐จ๐ฆ๐ โ the difference of this category from Premium Income is that this metric shows the net profit made by an Insurance Company, net of all business and administrative/general expenses. This is the perfect way to measure the financial performance of a Company. Usually called โ๐๐๐๐ โ labas na ang puhunan at lahat ng gastosโ in ordinary Filipino business language.
๐๐๐ญ ๐๐จ๐ซ๐ญ๐ก โ last but not the least, this criterion represents the value of the Companyโs Assets (see first category) less any liabilities it owes. In Insurance, this is very important because this gauges how ๐๐ข๐ง๐๐ง๐๐ข๐๐ฅ๐ฅ๐ฒ ๐ก๐๐๐ฅ๐ญ๐ก๐ฒ an Insurance Company in relation to meeting its obligation, specifically the benefits owed to its policy owners. Regardless of its financial performance, the net worth or financial position depicts a picture of financial soundness and stability.
With these short definitions, hopefully, ๐ฆ๐๐ฌ ๐ฆ๐๐ฅ๐ข๐ง๐๐ฐ ๐ง๐ ๐ค๐ฎ๐ง๐ ๐ฉ๐๐ง๐จ ๐ญ๐ข๐ ๐ง๐๐ง ๐๐ง๐ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ng ibaโt ibang insurance company. Pero ang tanong, sino talaga ang ๐๐ฎ๐ฆ๐๐๐ซ ๐?
Ang number 1 ay ang mga ๐๐๐๐๐๐๐ na kumuha ng life insurance policies. Because they chose to have ๐ฉ๐๐๐๐ ๐จ๐ ๐ฆ๐ข๐ง๐ against financial uncertainties and at the same time ๐ฌ๐๐๐ฎ๐ซ๐๐ ๐ญ๐ก๐๐ข๐ซ ๐๐ฎ๐ญ๐ฎ๐ซ๐ and their loved ones. The growth and performance of all Insurance Companies show a BIG WIN for Filipino families. At the end of the day, they all offer almost the same programs. So congratulations to all the Insurance Companies and mga Life Insurance Agents. Hindi madali ang trabaho niyo and often times, marami pang bashers and haters.
And if ikaw ay wala pang Life Insurance Policy, sana ang post na to ay makatulong sayo to decide kung sino ang pipiliin mo. Pero kahit anong Company pa yan na nasa listahang ito, ang mahalaga makapag start ka na, ๐๐ ๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐.
To more insured lives this 2024! ๐โจ
