Who We Are

Beneficial Life Insurance Co., Inc. was established on March 16, 1960 to make life insurance accessible to ordinary Filipinos. Founded by prominent business leaders Jose B. Fernandez Jr., Carlos B. Palanca Jr., and Aurelio Montinola Sr., the company was originally registered as Filipinas Mutual Fund Life Insurance Inc. with Php2.5 million authorized capital. BenLife became known as a wholly Filipino-owned life insurance company and was authorized to operate on July 5, 1960.

Within eight years, BenLife achieved profitability, growing assets from Php1 million in 1960 to Php4.2 million in 1968. Despite political and economic instability during the period, the company remained financially stable while many insurers struggled. BenLife attributed its resilience to its service-oriented workforce, strong integrity, and commitment to clients. The company continuously reinvested its earnings into long-term growth and financial stability.

BenLife entered a major partnership with Philippine National Bank through a Memorandum of Agreement signed on July 16, 1996, where PNB acquired 40% equity in the company. The partnership expanded BenLife’s reach through PNB’s nationwide branch network, enabling broader insurance distribution locally and overseas. This alliance strengthened BenLife’s market presence and enhanced its ability to provide life insurance products to more Filipinos.

BenLife celebrated its 40th anniversary by launching the "Larong Pinoy" campaign, using Filipino street games as its branding anchor. The campaign highlighted Filipino culture, childhood memories, teamwork, and resilience to create stronger emotional connections with customers. Through integrated media campaigns and community activities, BenLife reinforced its identity as a Filipino-first insurance company committed to relatable and culturally rooted messaging.

BenLife implemented its bancassurance strategy following PNB’s investment and was renamed Beneficial-PNB Life Insurance Company, Inc. The partnership allowed BenLife to distribute life, health, and group insurance products through PNB’s branch network, strengthening customer access to insurance services. This strategy supported cross-selling opportunities and deepened relationships between banking and insurance customers.

On May 30, 2008, BenLife’s controlling stockholders reacquired PNB’s 40% stake for Php700 million. Following the transaction, the company resumed operations independently as Beneficial Life Insurance Co., Inc. The move reaffirmed BenLife’s identity as a wholly Filipino- owned insurer focused on delivering benefits to policyholders, agents, employees, and stakeholders.

During its 50th anniversary, BenLife reported Php500 million authorized capital, Php320 million paid-up capital, and over Php3.8 billion in total resources. The company continued serving more than 230,000 policyholders while remaining committed to its founding mission of providing a better life for Filipinos. BenLife also emphasized employee recognition, productivity, and service excellence across its organization.

BenLife increased its paid-up capitalization to Php1 billion ahead of regulatory deadlines set by the Insurance Commission. The company also launched INSURETEXT, a real-time SMS-based customer linkage system in partnership with Smart and Talk ‘N Text for its Accidental Death Benefit Insurance. These initiatives strengthened both BenLife’s financial position and its digital customer engagement capabilities.

BenLife conducted a Corporate Governance Seminar with the Institute of Corporate Directors to align executive leadership with modern governance standards and regulatory expectations. The program focused on protecting stakeholder interests, optimizing long-term corporate value, and fulfilling continuing education requirements mandated by the SEC and Insurance Commission for directors and senior executives.

BenLife's Board and Management Team established the company's Vision, Mission, and Core Strategic Themes to guide long-term growth. The strategy emphasized accessibility, innovation, employee empowerment, fairness, service excellence, and nation-building through affordable insurance. The company also reinforced its brand promise, "Alagang Tunay, Alagang BenLife," with the goal of reaching every Filipino family regardless of socioeconomic status.

Jaime C. Fernandez officially assumed the role of President and Chief Executive Officer of BenLife on June 6, 2018. Prior to his appointment, he served as Executive Vice President and Chief Operating Officer. His leadership marked a new chapter in the company's continued growth and modernization efforts.

Following the magnitude 6.0 Batanes earthquake in July 2019, BenLife immediately provided assistance to affected communities to help address the urgent needs of disaster victims. The initiative reflected the company's commitment to corporate social responsibility and community support during times of crisis.

During the COVID-19 pandemic, BenLife adapted operations through video conferencing, digital collaboration tools, and online microinsurance selling to support agents and maintain business continuity. The company's planned onsite 60th anniversary celebration was shifted online for the first time. These adjustments demonstrated BenLife's resilience and willingness to embrace digital transformation during a global crisis.

Following the pandemic’s impact on economic activity, BenLife leveraged its nationwide branch network and strong reputation to expand its group insurance and payroll deduction business. During the 2021 Annual Stockholders’ Meeting, Mr. Roberto C. Fernandez was elected Chairman of the Board. The company strengthened its financial position, ending the year with ₱9.40B in assets, ₱3.43B in total total net worth and ₱240M in net income.

BenLife generated over ₱2.16B in premium revenues, with 83% coming from group insurance. The company ranked 17th among 32 life insurers in the Philippines while maintaining a 100% traditional life insurance portfolio. Operational excellence was enhanced through 25 learning programs covering sales, compliance, and risk management. Year-end results reached ₱9.86B in assets, ₱4.08B in total net worth and ₱80M in net income.

BenLife accelerated nationwide agent development through live virtual training and e-learning programs, improving productivity and reducing training costs. The company posted a 12.67% increase in net sales revenue and expanded total assets by 5.54%. Financially, BenLife ended the year with ₱10.41B in assets, ₱4.21B in total net worth and ₱112M in net income.

BenLife enhanced customer engagement through upgraded SMS and voice response systems aligned with its "Alagang Tunay, Alagang BenLife" service philosophy. It maintained the highest number of national government agency accreditations among local insurers while serving nearly one million insured members nationwide. The company achieved ₱10.96B in assets, ₱4.50B in total net worth, and increased net income ₱172M.

BenLife celebrated its 65th anniversary at Dusit Thani Manila, honoring sales excellence and company loyalty while paying tribute to founder Jose B. Fernandez through a theatrical presentation. Despite economic challenges, rising costs, and supply chain pressures, the company improved its financial performance, increasing total assets by 9.2%, equity by 18.22%, and net income by 20.9%. Year-end results reached ₱11.97B in assets, ₱5.32B in total net worth, and ₱208M in net income.