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 business with the general public/clientele.
On January 1, 2015, AFPGEN was granted a Certificate of Accreditation and Authority to issue Compulsory Insurance Coverage for Agency-Hired Overseas Filipino Workers until December 31, 2015.
Certificate of Authority (CA) No. 2013/108-R was also granted to AFPGEN by the IC to transact in non-life insurance (fire, marine, casualty and surety) business until December 31, 2015. The IC renewed AFPGEN’s license with CA No. 2016/69-R-R, valid until December 31, 2018.
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.
|2017||AFPGEN reaches its Ruby Year.|
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.
APFGEN opens Manila Branch.
|2016||The AFPMBAI Board of Trustees approved the capital infusion. 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 assumes Presidency of AFPGEN by 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.
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) assumes 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 assumes 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 Sysytem with a fund support of P7.6M.|
|2003||Major Fiorello S Adriano assumes 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) assumes 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) assumes 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) assumes 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 e 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) assumes 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) assumes 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) assumes the Presidency of AFPGEN.|
Premium production surpassed the P50M mark.
|1992||Bgen Jesus A Daclan AFP(Ret) assumes 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 assumes 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) assumes 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 assumes 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 assumes 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.
To protect the non – life insurable interests of the uniformed services, their personnel and family members and general clientele.
To be a non – life insurer preferred by the uniformed personnel and their dependents and the general clientele by 2019
cor EDSA, Camp Aguinaldo,
EDSA, Greenhills East,