History Of Dependability Corporate Profile
Alliedbankers Insurance Corporation 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 Lucio Tan Group (LTG) 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 Citi Insurance System which was later upgraded to Armor General Insurance System by Citisoft Technology, a 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.
Finally on October 15, 1999, the LTG 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. Likewise, the paid-up capital was also increased from P50, 000,000.00 to P282, 500,000.00 and now P346,250,000.00.
Alliedbankers Insurance is one of the highly respected local insurance companies by the foreign insurance market. The company is backed up by investment grade and highly rated foreign insurance such as MAPFRE Reinsurance, Asia Capital Reinsurance (ACR), TOA Reinsurance, Taiping Reinsurance and Korean Reinsurance Company. At present, we are utilizing Sureway Inlis provided by Infoman.
Based on the competitive ranking analysis in the insurance industry in 2015, Alliedbankers was ranked 19th in net income, 43rd in Premiums Earned, 31st in Gross Premium Written and 20th in Total Assets.
With its reorganization in 2010 and paid up capital of P346,250,000.00, the company geared up for major growth. It also gained the advantages of a bigger net retention per subject of insurance to spiral the company to greater heights in its pursuit of expansion. Professional men and women, who are highly trained and fine tuned to the demands of the market, joined Alliedbankers.
At present, we now have a net worth amounting to P1, 411,718 ,405.19 and is now ranked 10th in accordance with the Insurance Commission Networth Ranking for the Year 2015.
Alliedbankers Insurance Corporation is the preferred non-life insurance arm of the LTGC, its allied business undertakings, its business partners, associates, employees, other stakeholders, and their customers. In this regard, Alliedbankers shall strive to be a dynamic company, providing and continuously developing a comprehensive range of competitively priced and innovative protection insurance and other allied or supplemental insurance products suitable to the risks and needs of our client base. We aim to develop and strengthen a synergistic and well established relationship within the LTGC and other Customers. We shall promote the welfare of our employees, meet expectations of our stakeholders, and continuously maintain mutually beneficial relationship with our business partners (agents, brokers, reinsurers) and adhere to our corporate social responsibility to our community.
Alliedbankers Insurance Corporation shall be one of the most preferred, trusted, efficient, and leading, financially stable non-life insurance companies in the Philippines by providing suitable insurance risk management, innovative insurance products and high quality, responsive customer service to the Lucio Tan Group of Companies (LTGC), its allied business undertakings, its business partners, associates, employees, other stakeholders and their customers, with professionalism and integrity thereby enhancing and strengthening its long term viability and profitability.