Paramount Life & General Insurance Corporation

About Paramount / History

Paramount traces its roots back to May 1950 when it formally started its non-life insurance business as the Paramount Insurance and Surety Corporation. In a few short years, the Company successfully established a strong market presence in the small to medium retail business segment. Guided by an experienced management team and highly professional staff, Paramount became quickly known as the Bayad Agad ® company for its business practice of quick claims settlement.

In February 1993, the Paramount Group acquired and established Semper Insurance Corporation to extend its range of services to include the corporate and medium to large business market segments. Its strong emphasis on service excellence and reliability mirrors its corporate philosophy of Service Is Our Policy ®.

1997 was a milestone for the Company as it merged its two general insurance companies together to form Paramount General Insurance Corporation. With the formation of Paramount General also came an increase in the Company’s paid-up capital to Php100,000,000 making Paramount General one of only 21 among 110 non-life insurance companies in the Philippines at the time with such financial strength.

In 2000, at the anniversary of its 50th year of establishment, Paramount had a branch network of 20 offices nationwide and was achieving a dynamic rate of growth year on year. In 2001, Paramount acquired the Philippine operations of the Union Insurance Society of Canton, Ltd. from AXA Insurance Group, further strengthening its position in the Philippine general insurance industry. To reflect this new acquisition, Paramount General became known as Paramount Union Insurance Corporation.

At the end of 2002, Paramount underwent another change in corporate name to its present, Paramount Life & General Insurance Corporation, after the Company was granted a composite license by the Insurance Commission of the Philippines. This change, together with a further increase in the Company’s paid-up capital to Php150,000,000 was the result of Paramount’s diversification, after 52 years, into the life insurance business with its acquisition of the Philippine operations of AEGON Life Insurance Philippines from AEGON Life N.V. of the Netherlands.

On Oct. 27, 2004, Paramount signed an agreement with the International Finance Corporation (IFC), the private investment arm of the World Bank for the IFC to provide additional equity to support the Company’s role as industry “consolidator”.

In 2005, Paramount acquired the Manila Bankers Life Insurance Corporation’s individual life insurance portfolio. The Company’s gross premiums written increased to Php750 million and consolidated Assets totalling over Php2 billion.

With over 70 branches and extension offices, Paramount has one of the most extensive nationwide sales and marketing network in the Philippine insurance industry today.

Bayad Agad ® or “prompt settlement of claims” is a Registered Service Mark of the Paramount Insurance Companies.

Service Is Our Policy ® is a Registered Service Mark of the Paramount Insurance Companies.

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