History

AFPGEN was incorporated on March 22, 1979 as the AFPMBAI General Insurance Corporation (AFPMBAI-GIC), being a spin-off of the non-life insurance business of the Armed Forces of the Philippines-Mutual Benefit Association, Incorporated (AFPMBAI).
AFPMBAI , through presidential intervention by means of the issuance of Letter of Instruction (LOI) No. 596 on September 9, 1977, was granted the authority to engage in the non-life insurance business. Pursuant to LOI 596, the Insurance Commission issued Certificate of Authority No. 144-0 on October 25, 1977. On this same date, the first fire insurance policy was written covering the structures and facilities of the Armed Forces of the Philippines (AFP). In 1978, the Insurance Commission directed the AFPMBAI to separate its non-life and life insurance operations primarily because of the different accounting systems required by the two businesses. On December 20, 1980, AFPGEN started full operations as the insurer of the AFP non-life assets and issuer of surety bonds for the bidders and suppliers of the AFP and other selected clients.
In its 35 year history, the AFPGEN prides itself in having responded to the non-life insurance needs of the uniformed services. Former Chief of Staff Jessie D Dellosa himself stated that the AFPGEN has “aptly understood and catered to the special concerns attendant to providing protection to the nation’s defense assets.”
In recognition of its distinct identity from its parent, the company’s name, AFPMBAI-GIC, was shortened to AFP General Insurance Corporation (AFPGIC). The Securities and Exchange Commission (SEC) approved this change of name on July 8, 1986. AFPGIC is more popularly known in the industry as AFPGEN.
On November 20, 2002, the Insurance Commission issued a certification lifting AFPGEN’s limited authority to engage in non-life insurance business within the military and the police. Presently, AFPGEN’s authority to engage in non-life business now extends to include the private sector.
AFPGEN is a private corporation which is a wholly owned subsidiary of the AFPMBAI (now renamed Armed Forces and Police-Mutual Benefit Association, Inc).
AFPGEN is run professionally by technically-equipped staff and employees who are well-respected in the non-life insurance industry. Our years of experience and our commitment to serve our customers will be your assurance that we will attend to your after sales needs most especially in your insurance claims.

FINANCIAL PERFORMANCE

The AFPGEN financial stability is reflected in the continuing positive operational results over the past 5 years since 2008. As of the end of 2012, Total Assets amounted to Php475.102M and Networth was registered at Php365.322M. Gross Premiums Written totaled Php124.980M and Net Income was posted at Php31.770M.

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