History Of Dependability Corporate Profile
Alliedbankers Insurance Corporation (Alliedbankers) was founded by a group of enterprising Filipino-Chinese businessmen on May 25, 1960 and came into being on March 24, 1980 after the Securities and Exchange Commission (SEC) approved the amendment of 19-year charter of what was once known as the Sincere Insurance Company, Inc.
On December 7, 1993, the Department of Finance issued Order No. 116-93, which required non-life insurance companies to increase their paid-up capital from P10,000,000.00 to P50,000,000.00 to be able to transact business without condition, and on April 13, 1994, the company headed then by the group of Lucio Tan amended Article 7 of the authorized capital stock increasing the paid up capital from P25,000,000.00 to P50,000,000.00.
In 1997, Alliedbankers signed up with Citi Insurance System which was later upgraded to Armor General Insurance System by Citisoft Technology, a then young but aggressive software designer to computerize the company's collection and underwriting operations. This system was further upgraded to Syntec General Insurance System 2011 to include marketing branch operations and accounting.
To further strengthen Alliedbankers' financial standing, the LT Group stockholders adapted Board Resolution No. 02-99 which increased the authorized capital stock of the corporation from P50,000,000.00 to P500,000,000.00 on October 15, 1999. Likewise, the paid-up capital was also increased from P50,000,000.00 to P282,500,000.00, which now stands at P346,250,000.00.
Alliedbankers is one of the highly respectedlocal insurance companies by the foreign insurance market. As such the company is backed up by investment grade and highly rated foreign insurance and reinsurance.
At present, Alliedbankers has a net worth amounting to P1,323,874,432 and is now ranked 11th as per Insurance Commission's Net Worth Ranking for the year 2019. The Company also ranks 8th in terms of Net Income in 2019.
In the last two years, the company beefed up its management with professional men and women, who have accumulated years of technical and customer handling expertise from the insurance and banking industries.
ABIC is to be the preferred non-life insurance arm of the Lucio Tan Group of Companies and their customers, our allied business undertakings, business partners, associates, employees and otherstakeholders.
ABIC shall continue to strive to be a dynamic company by providing a range of comprehensive, competitively priced and innovative insurance and other supplemental products suitable to the risks and needs of our client base.
We aim to foster and synergize the relationships within the Lucio Tan Group of Companies and our customers.
ABIC will be the Best Managed and Best in Service Delivery Non-Life Insurance Company in the Philippines.
The years from 2020 to 2022 are meant to level up our efforts to create our own Blue Ocean of Opportunities where our Service Delivery will result in being the Best Managed Non-Life Insurance Company in the country.
We shall live up to the trust and confidence given to us by our stakeholders, and carry out our tasks with professionalism and integrity with all the parties we deal with, guaranteeing the long term viability and profitability of our Company.