INSULAR LIFE Assurance Co. Ltd. (Insular Life) has rolled out its new peso-denominated product where market players here could invest in global markets by using the local currency.
In a statement issued on Wednesday, the life insurance firm announced it formally launched its new variable unit-linked (VUL) fund, the Peso Global Equity Fund, in a bid to expand in the long-run and increase its capital through investing most of its assets in investment tools revolved in income-producing equity securities situated in offshore markets.
“At this point when funds are flowing into developed markets, it is timely to provide our clients with options to diversify internationally. Peso Global Equity Fund provides access to international equities that can take our investors’ investment to the next level. The goal is to optimize their portfolio to be able to reach their financial goals,” Insular Life Senior Executive Vice-President and Head of Sales and Marketing Jesus G. Hofileña was quoted saying in a statement.
The new VUL product will allow retail investors to put their extra cash in the local currency in foreign firms.
In 2016, Insular Life and its affiliates recorded a 179% growth in its consolidated net income to P4.9 billion from the P1.77 billion recorded in 2015 after it gained more from the sale of shares of stocks and properties and investment income during the year.
Its consolidated revenues stood at P25 billion in 2016, rising 25% from the P19.93 billion recorded in the previous year, while its consolidated net assets also expanded 22% to P129 billion last year from the P106.15 billion booked in 2015. Similarly, the life insurer’s consolidated member’s equity in 2016 reached P40.3 billion, soaring by 70% from the P23.7 billion booked in the prior year on the back of gains in the market value of equity holdings and higher net income. — JMDS