To all our Stakeholders:
When a customer purchases an insurance policy, he doesn't get any tangible product in exchange for
his hard-earned cash. What he is actually buying is a promise: a promise of financial support and
compensation in some of his or her most difficult moments, in cases of loss or damage to valuable
In this period of uncertainty, when so many insurance companies are closing down and suspending
operations, the customer's choice of whose promise to count on becomes even more crucial. Will the
company that you place your trust in still be there to fulfill their promise when the moment comes for
you to call on them to do so?
In an effort to protect the insuring public from companies that are ill-prepared to meet their obligations
to their customers, the government has progressively increased the capitalization requirement for all
insurance companies over the last few years. Through this process, poorly capitalized companies are
weeded out of the market, leaving only those best prepared to serve their customers fairly and reliably.
I am pleased to announce that Perla Insurance has stayed well ahead of the curve in terms of meeting
these capitalization requirements, with a total net worth in excess of P1 billion pesos as of 2017, well
above the government minimum requirement of P900 million by 2019. We fully expect to meet the
government's ultimate goal of P1.3 billion in minimum capitalization, years ahead of the 2022 deadline.
We are excellently positioned to be one of the few surviving non-life insurance providers in a period of
turbulence and consolidation in the insurance industry.
We have not achieved this enviable position easily. It is the result of our strategy of pursuing disciplined
(and thus, profitable) growth, characterized by prudent and pro-active underwriting of risks, and going
after only the best quality customers. We have targeted primarily business that will help us to achieve
our required minimum returns, reducing our dependence on low margin classes of businesses and
focusing more on our bottom line than our top line. This has allowed us to grow our company's net
worth primarily by achieving consistent annual net profit. Our P1.1 billion in liquid assets is a testament
to the wisdom of this strategy, and provides our customers with the peace of mind and security that
We continue to strengthen our human resource by recruiting competent people to join our team. We
continue to invest in new technology. Having the right people and the right technology in place has
allowed us to more effectively live out our philosophy of continuous process improvement, resulting in
an enhanced ability to delight our customers and agents and build long term win-win relationships with
all our stakeholders.
I would like to thank all our employees and agents for their enthusiasm and dedication in going the
extra mile for our customers. I also would like to thank our customers and partners for placing your
trust in us.
On behalf of the leadership team and the entire Perla Insurance family, we commit to devote our
continued best efforts to build an organization that lives up to our deeply-held value of service
excellence. We will be unwavering in our commitment to always deliver on the promises that we have
made to you.
The last few years have been excellent for Perla Insurance. But the best is yet to come.