Philam Life today announced the election of J. Axel Bromley as its new Chief Executive Officer, effective June 1, 2015, subject to regulatory approvals.
Mr. Bromley brings rich global experience to the role, after spending over 20 years of working in Eastern Europe, South and Central America, the Middle East and the Indian Sub-Continent. He also has more than 13 years of experience in the insurance industry, previously as General Manager/Country Manager in Nepal, Qatar, Bahrain, Kuwait, Oman, and Ukraine.
Prior to the election, Mr. Bromley was Director of Strategic Initiatives at AIA Group, Philam Life’s parent company, which is the largest independent publicly listed pan-Asian life insurance group with presence in 18 markets in Asia-Pacific.
AIA considers the Philippines as a high priority market, taking into consideration the country’s booming economy and continued investor confidence. High expectations is also placed on its local subsidiary, Philam Life, to take advantage of the huge potential of the booming market and continue its strong financial performance.
Based on its 2014 year-end audited financial statements, Philam Life’s total assets stood at P226.8 billion and net worth at P85.2 billion. Total revenues was P35.2 billion, including gross premiums of P18.6 billion and investment income of P12.5 billion.
The company’s strong performance can be attributed to the shift to Unit Linked Products (ULP) which are insurance products tied to investments. These investment-linked products have since been in-demand given the market upswing. With a GDP growth of 6.1% in 2014, the Philippines remains among the top performing economies in Asia.
Philam Life’s bancassurance arm, BPI-Philam also posted strong results in 2014 with total assets of P63.5 billion, net worth of P7.9 billion, and gross premiums of P14.5 billion.
“Philam Life remains committed to become the leading provider in insurance and wealth management solutions. Our vision is to be the undisputed industry leader, in terms of scale, quality and profitability. With the support of our parent company, AIA Group, we are confident to continue providing our customers with a diverse range of products and solutions to address their real life needs,” said Mr. Bromley.