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Financial Highlights


In 2019, premium income or income exclusively from business operations totaled PhP8.4 billion, registering 6% growth rate. Investment income also registered positive growth, at 34%, and hit level in excess of a billion, despite persisting volatility in the local and international markets. Expenses were prudently managed, going up primarily in policy cost, which is a function of higher production.

Table 1: 2019 Performance Versus Previous Year’s Level

(P in Millions) 2019 2018 GR 
Premium Income P 8,443.36 P 7,940.13 6.3% 
Investment Income 1,216.41 904.41 34.5% 
Expenses 8,936.58 8,218.20 8.7% 
Net Income 723.20 626.34 15.5% 

Table 2: Five-Year Historical Performance

(P in Millions) 2019 2018 2017 2016 2015 CAGR 
Premium Income P 8,443.36 7,935.01 7,094.42 6,793.45 5,801.89 7.79% 
Investment Income 1,216.41 931.70 1,137.47 1,093.59 1,070.63 2.59% 
Net Income 8,936.58 545.64 643.06 569.66 505.05 7.44% 

Marketing Initiatives

Bancassurance – UCPB has secured an approval from the Bangko Sentral ng Pilipinas (BSP) to cross-sell insurance products through its branches nationwide. The bancassurance license granted by the BSP allows UCPB to offer life and non-life insurance products of its initial insurance partners. Today, the efforts of the Bancassurance team have been rewarded, with the unit hitting P1.1 billion in total premiums.

Group Life Marketing – it has maintained its status as the premier Group insurance provider in the country recognized for quality products and personalized service from its dedicated team. It continues to capture jumbo corporate accounts and has expanded its reach among migrant workers. As a result, Group’s total premium reached P1.6 billion.

Healthcare – this business unit showed the strongest performance for 2019 hitting P4.1 billion in total premiums, and registering an exceptional growth rate of 16.5%. Cocolife Healthcare’s network is undoubtedly the largest in the country, with 633 hospitals, 1,077 clinics, 722 plan coordinators, and 24,593 doctors to date.

Individual Marketing – line brought in PhP596 million in premiums, which is a significant achievement considering its shift to marketing variable life from traditional products. It is also undertaking a nationwide recruitment and training program to shore up its group of professional underwriters and field managers.

Promo Sales Operations – which was created in the mid-2011, has proven to be a major asset for the company. It is an umbrella group comprised of mall-based operations, and Business Development. In all, PSO contributed with PhP972 million in total premiums.

Table 3: 2018 Total Premiums by SBU Versus Previous Year’s Level

Business Line 2018 2017 GR 
Group Marketing 1,589.36 1,453.61 9.3% 
Healthcare 3,551.85 2,568.48 38.3% 
Individual Marketing 533.73 666.48 -19.9% 
Alternative Distribution Channels 2,219.87 2,331.84 -4.8% 
TOTAL 7,935.01 7,094.42 11.8% 

Other Initiatives

Finance – this is an SBU tasked not only to plan and manage the company’s investment strategies, but also to oversee DepED operations which markets nationwide teachers’ insurance and loan programs. Investment income registered a positive growth, at 34%, and hit revenue level in excess of a billion. The DepEd business on the other hand, generated a premium income of P22 million.

Other Programs – Major backroom activities that were continually reinforced were the ISO Quality Management System accreditation, various business conservation programs, and IT systems and telecommunications upgrading. Alongside its strong performance, Cocolife remains abidingly committed to giving back to society with its corporate social reponsibility (CSR) initiatives. These comprise contribution to the UP College of Law-Master of Laws Scholarship Program Fund Grant, the annual blood donation to the Red Cross and medical missions to indigent communities.

About Cocolife

Founded on March 20, 1978, Cocolife has since become the country’s number one Filipino-owned stock life insurance company. It has also made its mark in the industry by carving an unimpeachable position as the number one Group Insurance Provider.

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