One of the country’s most trusted non-life insurance companies finished 2016 on a record note, surpassing all its targets in gross and net premium and boosting its resolve to be the insurer of choice of the young generation.
Fortune General (FGen) Insurance, in its unaudited financial report, revealed gross premium amounting to over P600 million, growing by 7.142 percent from its 2015 gross premiums of P566 million.
FGen President and COO Michael F. Rellosa, noted that over the past five years, the company registered average growth rate of over 8 percent.
“We dedicate this performance to the memory of our late founder and former chairman, Ambassador Antonio Cabangon Chua, who never failed to inspire our people to expand our reach and continue improving,” he said.
Cabangon Chua, a self-made billionaire with interests in a wide variety of industries, passed away in March last year. Rellosa said FGen’s new leaders are building on the foundation left behind by its founder.
“Our present Chairman, Mr. Jesus Antonio Cabangon. Jr., is continuing our founder’s legacy and is pushing us to innovate, embrace disruption and make our systems customer-centric,” Rellosa said.
FGen is now 62 years old and is managed by a dynamic team of seasoned insurance veterans and up-and-coming executives that the company itself discovered and developed.
Rellosa said that the 2016 performance befits the fresh confidence the company’s shareholders have shown that same year as they infused an additional P60 million fresh equity, This additional capital, combined with the company’s retained earnings, enabled FGen to surpass the minimum P550 million net worth requirement of the new Insurance Code. To date, FGen has assets in excess of P1 billion.
Rellosa said FGen’s business is comprised mostly of individual clients, a majority of whom are young professionals starting to build their nest eggs, as well as budding entrepreneurs with small- to medium-sized businesses.
The company is likewise the preferred insurer of travelers applying for Schengen visa, and insurer of choice for major colleges and universities across the country.
Rellosa noted that FGen is reengineering its communication strategies to target younger clients.
“We are launching a campaign called FGen4NxtGen which is aimed at the next generation of millennial insurance buyers, currently the largest and still growing sector in the Philippines. We would like to help these young people manage their risk and protect their hard-earned assets through insurance,” he said.