Union Bank of the Philippines (PSE: UBP) reported on Monday that the local bank has reached P10.1 billion of consolidated income in 2016. On the same day, Unionbank also announced its partnership with Insular Life Assurance Company, Ltd. (Insular Life) as it completes its product offers of insurance.

Record-high net income

UBP’s net income for 2016 was 67 percent higher compared to the P 6 billion posted last year. The bank added that the Return on Equity was at 16.9 percent. Its loans also grew by 31 percent to P235.4 billion. UBP also said that its total deposits were up by 21 percent to P 376.5 billion.

 “We are very pleased with our collective results. All of our major business segments contributed significantly to the bottom-line,” UnionBank President and Chief Operating Officer Edwin R. Bautista said in a press statement.  He added that the performance of the bank is able to scale up the recurring revenue base as it heads towards its digital transformation.

Insular Life Partnership

In a separate press statement, UBP also announced its partnership with Insular Life, which should pave the way for the bank and its subsidiary, City Savings Bank to sell insurance products. Bautista said that offering insurance as part of UBP’s products is the missing link to make the bank serve its customers in a way to elevate their lives and fulfill their dreams.

“I am therefore delighted that we are finally completing our product suite, and even more thrilled that we are signing with a company that has a long history of being our partner,” Bautista said.

In its part, Insular Life Chief Executive Officer Nina D. Aguas said that Insular Life has found its right partner to provide products and services which impact Filipino families and communities. “Together, we will continue to create value for the stakeholders of our two great companies and assert leadership in our respective industries,” Aguas added.

What do you think of Unionbank’s reported net income and partnership with Insular Life? Let us know in the comments section below.