PNB General Insurers Co. Inc. (PNB Gen), the nonlife insurance arm of the Philippine National Bank (PNB), posted net income of P5.3 million in 2014, a complete turnaround from the P868.4-million net loss incurred in 2013. That year the insurer settled hefty claims, following a series of devastating typhoons.
A subsidiary of PNB Holdings, PNB Gen said the net loss in 2013 was traced to claims made in the aftermath of typhoons Maring, Santi and Yolanda, as well as the earthquake in Bohol.
As of December 31, 2014, the total assets and total capita of PNB Gen were at P8 billion and P1.1 billion, respectively.
PNB Gen’s paid-up capital amounted to P912.6 million, one of the highest in the industry. The insurer offers fire and allied perils, marine, motor car, aviation, surety, engineering, accident insurance and other specialized lines. It continuously develops a complete range of highly innovative products that will provide total protection to its customers.
Meanwhile, sister company PNB Life Insurance Inc. (PNB Life), reported net income of P255.4 million as of end-December 2014. PNB Life is a 100-percent Filipino owned and managed company, with Dr. Lucio Tan as chairman and Esther Tan as president and vice chairman. Ranked among the top 10 life-insurance companies in the country, PNB Life is a leading provider of variable life products, complemented by its full line of individual and group life-protection offerings.
The total assets and total capital of PNB Life were P19.6 billion and P1.95 billion, respectively, as of December 31, 2014. PNB Life opened regional business centers (RBCs) in San Fernando City, La Union, to cover Northern Luzon; San Fernando City, Pampanga, to serve Central Luzon; Naga City to serve Southern Luzon; Zamboanga City to serve Northern Mindanao; Iloilo City to serve Western Visayas; Cebu City to serve East Visayas; and Davao City to serve Eastern Mindanao. Cognizant of the Filipino-Chinese market, PNB Life maintains an RBC in Binondo. Genivi Factao