InLife recently held its Annual Members’ Meeting where it declared increase in its parent company’s revenues, net income, and assets compared to 2022 levels.
It also reported a slight dip in Members’ Equity by 4.8% to P47.83 Billion from P50.23 Billion in 2022 due to the decline in the excess of market value of Fair Value through Other Comprehensive Income stocks. Because of the change in the accounting treatment of UnionBank from equity method to FVOCI, there was a decrease in InLife’s 2023 Consolidated total revenues by 2% at P25.37 Billion compared to P25.9 Billion in 2022, while consolidated net income went down to P2.1 Billion from P5.2 Billion in 2022.
“Despite the insurance industry being dominated by multinational companies, InLife ranked number three in net worth, number four in assets, and number six in net income according to the Insurance Commission’s life insurance statistics based on unaudited financial reports,” Littaua said. place in 2021. Its Group Insurance business grew by 19% while its Agency and Bancassurance Distribution grew by more than 60%.