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March 01, 2024

Insurer recognized for tech initiative

Etiqa Life & General Assurance Philippines Inc. was recognized during the 10th Annual International Finance Awards for its insurance plan for mobile phones and electronic devices, according to a company announcement.

The plan, named “Gadget Protection,” represents the firm’s initial foray into embedded insurance with major e-commerce platforms and safeguards devices from unexpected repair costs due to unwanted incidents.

The product was awarded the “Best Insuretech Initiative in the Philippines” for 2022.

Etiqa Philippines’ President and CEO Rico T. Bautista stated that the product is a result of the company’s initiative to explore opportunities and solutions in insuretech.

He also highlighted that the launch of their “Letter of Guarantee” portal aided in streamlining the firm’s insurance processes last year.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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