AFPGEN - About Us

HISTORY

AFPGEN is a wholly-owned subsidiary of the AFP-Mutual Benefit Association, Inc. (AFPMBAI) which was initially created to service the insurance needs of the country’s military and police organizations. AFPGEN’s establishment as a distinct business entity was a product of the Insurance Commission’s (IC) directive in 1978 for AFPMBAI to separate its life and non-life insurance functions.

With its singular non-life insurance focus, AFPGEN developed a deeper understanding of the special concerns of its clients and delivered well on its mandate of protecting the country’s defense assets as a provider of non-life insurance policies and issuer of surety bonds for the bidders and suppliers of the AFP and PNP.

Attesting to the quality of AFPGEN’s service and the strength of the AFPGEN’s financial performance, the IC in 2002 issued a certification authorizing AFPGEN to also engage in business with the general public/clientele.

On March 8 and 11, 2019, the Board of Trustees (BOT) of the AFP Mutual Benefit Association Inc. (AFPMBAI) and the Board of Directors (BOD) of the AFP General Insurance Corporation (AFPGEN), respectively, decided to voluntarily cease AFPGEN’s business operations as one of the domestic Non-Life Insurance Companies in the Philippines and applied for a Servicing License.

Pursuant to the said decision, the AFPGEN submitted on June 21, 2019 a Letter of Intent to the Insurance Commission (IC) for voluntary cessation of its insurance business effective June 24, 2019.

On July 25, 2019, the Insurance Commission issued the Certificate of Authority with license No. 2019/23-R-A for AFPGEN to act as a Servicing Insurance Company effective June 24, 2019 up to December 2021.

AFGEN MILESTONES

THROUGH THE YEARS

AFPGEN chronicles its yearly accomplishments and highlights through the AFPGEN Milestones. Get to know the formative years of the Company and see how it has progressed over the years.

YEAR	MILESTONE
2020	AFPGEN continuously serves as a servicing Insurance Company
2019	AFPGEN transformed into a Servicing Insurance Company effective June 24, 2019.
2018	BGen Cesar M Idio AFP(Ret), GICD assumed the Presidency of AFPGEN on August 28, 2018 AFPGEN opened Manila Branch Extension Office Added nine (9) PMA Classes to the roster of “Support Your Class, Insure With Us!” Program (Class ’63, ’65, ’67, ,69, ’77, ’80, ’81, ’99, ’07) AFPGEN opened Cebu Branch Extension Office
2017	AFPGEN offers Judicial Bonds (Civil Bonds), offering Replevin Bond, Attachment Bonds, Receivership Bond, Administrator’s Bonds, Heir’s Bond, Supersedeas Bond). AFPGEN builds an Agent Room/Lounge and launches its first ever travel incentive.
2016	The AFPMBAI Board of Trustees approved capital infusion into AFPGEN. A cash infusion of P275M was earmarked to AFPGEN via subscription of redeemable preferred shares. Political PA Card is offered to the politicians and the public. It is a Personal Accident Insurance Card that aids the insured and/or its family members in accidental death or dismemberment.
2015	OFW Insurance is now on full blast. AFPGEN reopens Davao Branch. AFPGEN holds first ever “Kapihan with the Agents!” This is a monthly gathering of the agents with the Sales Team, graced by the Executives. It is an avenue to discuss accounts, targets, and strengthen business relationships between the Company and the Agents. B.E.S.T. Insurance is introduced to the AFP/PNP Financial Institutions. AFPGEN
2014	Former Vice Chief of Staff, LTGEN Alan R Luga AFP (Ret) assumed Presidency of AFPGEN on July 1, 2014. Relaunch of the enhanced Microinsurance, specifically for the AFP, PNP, and other unformed personnel. Relaunch of the Personal Accident Christmas Cards, in cooperation with HERO Foundation Inc. AFPGEN receives the Accreditation to Transact Bonds and Surety with port of Manila. It can now issue Customs Bonds. AFP and PNP Accounts are no longer insured with AFPGEN due to COA Ruling. The Company faces a challenge to increase net income despite the loss of its institutional accounts. AFPMBAI infuses P173.1M to AFPGEN as additional capitalization in order to attain accreditation for its OFW Insurance. Customs Bonds AFPGEN officially receives its Certificate of Authority from the Insurance Commission to issue OFW Insurance.
2013	First time in 37 years, AFPGEN hit a negative net income due to Typhoon Yolanda. The Company responded to claims of the clients due to the typhoon. Philippine Coast Guard insures its vessels with AFPGEN. AFPGEN opens its Satellite Branch in Davao City.
2012	AFPGEN Office undergoes a major renovation and builds a better working environment for the employees. The Company has also undergone internal changes with aggressive training for its employees. AFPGEN opens its Cavite branch in Sangley Point.
2011	BGEN Alejandro T Camagay Jr AFP (Ret) assumed Presidency of AFPGEN. AFPGEN Microinsurance Product Approved by the Insurance Commission AFPGEN offers the Assistance and Family Protection and Barangay Family Protection microinsurance policies to the market.
2010	AFPGEN attains high rating in its Corporate Governance Score Card, garnering a score of 41%. The said scorecard highlights the Company’s international standards of good corporate governance best practices. Average score of other non life insurance companies is at 30% only.
2009	AFPGEN institutionalizes the Performance Appraisal System that would quantitatively gauge the employees’ productivity.
2008	RADM Ludovico Franco AFP (Ret) assumed the Presidency of AFPGEN. AFPGEN actively participates in insurance consortia to improve productivity and growth. It maintained its active membership with the Universal Insurance Transport and Accident Agency Solutions, Incorporated (UNITRANS) and the Home Development Mutual Fund (HDMF) Fire Insurance Pool
2007	AFPGEN sells Personal Accident Christmas Cards worth P10,000.00 in benefits. Approximately 43,000.00 cards were sold.
2006	Increased its Authorized Capital Stock from FIFTY MILLION to ONE HUNDRED MILLION (P100M), all paid-up.
2005	Became a member of the Land Transportation Franchising and Regulatory Board (LTFRB) Consortium, the Home Development Mutual Fund (HDMF), Fire Insurance Pool and the Department of Environment and Natural Resources (DENR).
2004	Implemented the IT Project, Phoenix General Insurance System with a fund support of P7.6M.
2003	Major Fiorello S Adriano AFP (Ret) assumed the Presidency of AFPGEN. Granted P1M Ex-Gratia Payment to the Philippine Military Academy for a fire loss Implemented the Special Separation Program which was availed by 13 personnel Embarked on an Information Technology Project dubbed “Automating for Prosperity,” a tool in improving the efficiency, accuracy and quality of service delivery.
2002	Commo Lamberto R Torres AFP (Ret) assumed the Presidency of AFPGEN. The Insurance Commission authorized AFPGEN to serve the open market. AFPGEN went online via www.afpgen.com Gave out office equipment and supplies totaling to P2.04M under the Prompt Payment Program for the AFP and PNP.
2001	MGen Victor U Garcia AFP (Ret) assumed the Presidency of AFPGEN. Gave out office equipment and supplies totaling P21.20M under the Prompt Payment Program for the AFP and PNP.
2000	Commo Gualterio I Dela Cruz AFP (Ret) assumed the Presidency of AFPGEN. Donated P100K for military casualties through the AFP Provident Trust Fund (AFP Battle Casualties Project) and P150K to the AFP Museum. Established the Baguio City Extension Office
1999	Established the Regional Operations Division and Davao and Lucena Extension Office. Declared P5M cash dividend to AFP MBAI. The Philippine National Police returned as institutional client with the amendment of Administrative Order 141.
1998	BGen Rogelio A Asuncion AFP (Ret) assumed the Presidency of AFPGEN. Donated P1M to the AFP for the construction of a sports complex in Palawan.
1997	Opened an Extension Office in Clark Air Base, Pampanga. Total assets surpassed the P200M mark.
1996	Invested P7.5M for the construction of the AFP Theater and Museum in Camp Aguinaldo.
1995	Commo Isidro O Codera AFP (Ret) assumed the Presidency of AFPGEN. Purchased and refurbished the Old AFP MBAI Building to house its operational requirements. Opened extension offices in Camp Olivas in Pampanga, Camp Aquino in Tarlac, and beside the LTO inside Camp Aguinaldo. Donated P1M to the AFP for the construction of a sports complex in Zamboanga City.
1994	Declared a total of P25M dividends made up of P5M cash and P20M stock to AFP MBAI. The company’s paid-up capital was increased to P50M.
1993	VAdm Proceso C Fernandez AFP(Ret) assumed the Presidency of AFPGEN. Premium production surpassed the P50M mark.
1992	BGen Jesus A Daclan AFP (Ret) assumed the Presidency of AFPGEN. LAN-based computer system was installed in order to enhance computer capacity.
1991	Declared P3M cash and P2M stock dividends to AFP MBAI. Total Assets exceeded the P100M mark. Declared P20M dividends broken down into P10.6M cash and P 9.4M stock to AFP MBAI.
1990	Declared P3M cash and P3M stock dividends to AFP MBAI. Marketing operations were stepped-up with the creation of a separate Marketing Division.
1989	Declared P3M cash and P3M stock dividends to AFP MBAI Donated P3M to the AFP after the aborted coup attempt on December 1, 1989.
1988	BGen Benjamin Ignacio Jr AFP (Ret) assumed the Presidency of AFPGEN. The company’s capital stock was raised to P20M, which was twice the capital requirement for non-life insurance companies of the Insurance Commission.
1987	Participated in the On-base Housing Project of the AFP by contributing P1.0M. Donated P3.6M worth of office equipment to AFPGHQ and spearheaded the solicitation of 52 typewriters and other office equipment from non-life insurance companies after the 1987 coup attempt that razed the AFPGHQ Building.
1986	Personal Accident Insurance was added as a new business line and marketed nationwide. Donated ambulance units worth P1M to the AFP major commands and audio-visual and training aids worth P0.25M to the then INP in line with its objective to following back part of its income to its clientele. The corporate name was shortened to AFP General Insurance Corporation (AFP GIC) to distinguish it from its mother company, AFP MBAI.
1985	BGen Rosalino A Alquiza AFP (Ret) assumed the Presidency of AFPGEN. Premium production surpassed the P20M mark.
1984	Maintained its No. 1 and No. 2 position in terms of Net Gain to Total Income and in Investment yield, respectively, among 93 non-life insurance companies in the FSS of the Insurance Commission. Embarked on the computerization of its operations with Motor Vehicle Insurance as the initial project.
1983	Ranked No. 1 in terms of Net Gain to Total Income and No. 2 in Investment Yield among 93 non-life insurance companies in the FSS of the Insurance Commission.
1982	Ranked No 3 in terms of Net Gain to Total Income and No. 13 in investment yield among 93 non-life insurance companies in the FSS of the Insurance Commission. Commo Liberato Lazo AFP (Ret) assumed the Presidency of AFPGEN.
1981	Ranked No. 4 in terms of Net Gain to Total Income among 93 non-life insurance companies in the Financial Surveillance System (FSS) of the Insurance Commission.
1980	A surety and bonding department was set up in to complete with supermarket service or one-stop-shop for clients. Branch offices in Cebu and in Zamboanga were established to bring the company’s services closer to its clients.
1979	BGen Jesus T Dizon AFP (Ret) assumed the Presidency of AFPGEN. AFPMBAI incorporated its non-life insurance business into the AFP MBAI General Insurance Corporation in compliance with the directive from the Insurance Commission.
1978	The non-life insurance division was fully organized with the issuance of Certificate of Authority No. 144-0 by the Insurance Commission.
1977	The non-life division of the AFP Mutual Benefit Association, Inc. (AFPMBAI) was conceived to provide the whole range of non-life insurance services to its members. The non-life insurance coverages of all properties of the AFP and the then INP (Integrated National Police) were transferred from GSIS to AFPMBAI’s non-life division by virtue of LOI 596.

OUR VISION

A responsible non-life insurance servicing company, able to fulfill its commitment to policyholders and stakeholders

OUR MISSION

To effectively service our existing clientele, settle all accountabilities, secure clearances from regulatory bodies, and turn-over remaining assets to shareholder.