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 assets.

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 close to P1.2 billion in 2020. We fully expect to meet the government’s ultimate goal of P1.3 billion in minimum capitalization, 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 P1.3 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 they deserve.

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.

JEFFREY LIM
President