Hong Kong-based AIA Group has revealed plans to invest approximately PHP3bn ($57.87m) in its subsidiary Philippine American Life and General Insurance Co (Philam Life) over the next three-year.
The investment will enable Philam Life to expand its agency channel by hiring 5,000 full-time financial advisers.
Philam Life investment:
At present, nearly 8,000 part-time and full-time financial advisers are working for the company.
The addition of new advisers will allow the insurer to bridge the protection gap in the country, which is said be around PHP1.5trn ($29bn).
Philam Life chief executive Kelvin Ang told BusinessWorld: “We will invest PHP3bn ($57.87m) over the next three years in building the agency distribution.
“This is a significant amount… because in the past we’ve done investment in terms of building the agency more than what we want.
“We feel that the market opportunity is enormous,” Ang told the publication.
AIA Group has also invested in other Asian markets, including Hong Kong, mainland China, Malaysia, as well as Thailand.
Philam Life has PHP251.4bn in total assets and served approximately 600,000 individual policyholders and more than 2,200,000 insured group members as of 31 December 2017.