Premier Life exits conservatorship
THE INSURANCE COMMISSION (IC) has released The Premier Life and General Assurance Corp. from conservatorship effective June 30.
鈥淣otice is hereby given that the Insurance Commission has lifted the cease-and-desist order issued against The Premier Life and General Assurance Corp. and released the company from conservatorship effective June 30,鈥 the IC said in a notice dated July 1.
The nonlife insurer was placed under conservatorship in June 2024 after it failed to comply with requirements under the Insurance Code.
Companies under conservatorship are restricted in operations to preserve assets for the benefit of its policyholders, planholders, members, and/or creditors, while undergoing financial rehabilitation.
Premier Life鈥檚 performance showed marked improvement in 2023. Net premiums written surged by 69.1% year on year to P490.79 million, while net income soared almost 13 times to P359.03 million, according to IC data.
Its paid-up capital dropped to P1 billion last year, just meeting the IC鈥檚 minimum capital requirement.
The company was not listed in the IC鈥檚 2024 directory of licensed insurers.
Meanwhile, the nonlife insurance industry鈥檚 total premiums earned rose 19.19% to P18.8 billion in the first quarter, based on the submissions of 56 out of 57 licensed companies.
Net premiums written also grew 19.35% to P20.27 billion, while gross premiums written increased 19.13% to P33.6 billion. Industry net income climbed 14.63% to P2.89 billion over the same period. 鈥 Aaron Michael C. Sy
