Multinational Berkley International Plans, Inc. (BIP), distributed locally by marketing innovator Family First, Inc., has consistently ranked among the Top 5 in the Educational Plan sector of the pre-need industry, in terms of new business. The company placed 4th among educational plan companies for the period January to May 2004, based on the most recent figures gathered from the Securities and Exchange Commission (SEC) which placed the number of new plans sold by the company at a total of nearly 6,000.
The new ranking came as Berkley Plans released its 2004 1st quarter financial statements which showed its total assets increasing to almost P2.06 Billion as of March 31, 2004 even with fluctuating currencies. This reflects an increase of close to P156 Million in over a quarter from the 2003 audited statement.
Premiums collected during the quarter also grew by 4% to P186 Million from P179 Million only of the same period in 2003 despite the economic and industry challenges.
Total Trust Funds of both the Educational and Pension Plans as of end-March 2004 amounted to P1.735 Billion, increasing by P150 Million from end-December 2003. This tremendous growth assures Berkley planowners and clients of Family First, Inc., sole distributor of Berkley Plans, of the company’s stability and reliability in meeting its financial obligations in the future.
Also in the 1st qtr 2004 financials, BIP reserve liabilities aggregated to P1.739 Billion in accordance with actuarial valuation and assumptions.
| (Amounts in millions) | March
2004 |
December
2003 |
3
mos. Change |
| Total Assets | 2,056 |
1,900 |
156 |
| Investment in Trust Fund | 1,735 |
1,585 |
150 |
| Actuarial Reserves Liabilities | 1,739 |
1,622 |
117 |
| (Amounts in millions) | 1st
Quarter 2004 |
1st
Quarter 2003 |
%
Growth |
| Premiums Collected | 186 |
179 |
4% |
Three prestigious banks
that are considered among the strongest in the industry – Deutsche Bank,
Equitable PCI Bank, and ING Barings Trust and Asset Management Group --- are
handling BIP Trust Funds as trustees. Based on the trustees’ certifications,
the Trust Fund Equity has a net balance of P1.735 Billion as of March 31, 2004.
In addition, P37.4 Million was remitted to the Trust Fund in April 2004 representing
the contributions for installments collected in March 2004. The Trust Fund is
sufficient to cover the actuarial reserve liabilities.
For
more information, pls. contact:
Ms. Gina D. Cruz
Corporate Communications Director
Tel. No. 755-1500 loc. 1112