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Friday, September 19, 2008

Mapfre Insular Ortigas Exceeds Sales Target

Mapfre Insular announced that its Ortigas branch achieved 103 percent of its sales target as of August 2008.

The announcement was made as Mapfre Insular recognized outstanding sales performance in its Ortigas and Quezon City branches as part of its annual La Visita del Presidente program recently.

Each year, Mapfre Insular president and CEO Enrique Clemente III visits the company’s 11 branches in Luzon, Visayas, and Mindanao. The branch visit initiative is undertaken in fulfillment of the company’s mission of promoting professional development and acknowledging its agents as indispensable partners in attaining success.

During the Ortigas and Quezon City visits, plans to merge the two branches were announced. Operations for the two branches will be consolidated at the Ortigas branch next year. Clemente noted that as of August 31, the Ortigas branch has exceeded its sales target, achieving 103% of its production goal and exhibiting a 19 percent increase over last year. The merged Quezon City-Ortigas branch will have a combined annual premium target of more than P150 million.

“2008 has been a relatively good year for the company and we hope to end the year with premium production of over P1.4 billion. Our estimated year-end bottom line will be about 17 percent better than last year,” Clemente said.

“The very good and stable performance of the company is a result of the quality business our people bring in. The success of the company lies in its people--its employees and agents.”

Mapfre Insular currently ranks 3rd in terms of paid up capital and net income, and 5th in terms of premiums earned as of August 4 this year among non-life insurance companies operating in the Philippines according to the Philippine Insurance Commission.

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