13 January 2016

THE PHILIPPINE STOCK EXCHANGE, INC.

Philippine Stock Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City

Attention:

Ms. Janet A. Encarnacion

Head Disclosure Department

Dear Ms. Encarnacion:

Please be advised that the attached information will be made available to the press and major newspapers.

Thank you

Very truly yours,

PRESS RELEASE
Contact Person
Tel. No.
Email Address

Allan M. Tumbaga
+63 (2) 575-3898
amtumbaga@eastwestbanker.com

------------------------------------------------------------------------------------------------------------------

Insurance Commission grants license to EastWest Ageas Life

The Insurance Commission recently granted a life insurance license to EastWest Ageas Life
Insurance Corporation (EastWest Ageas Life), a joint venture of EastWest, one of the countrys
fastest growing universal banks, and Ageas Insurance International NV (Ageas), an international
insurance group based in Belgium with a heritage of more than 190 years.
In May of last year, EastWest and Ageas signed a joint venture (JV) agreement with an equal
shareholding of 50 percent each in EastWest Ageas Life.
While the license grants permission to underwrite life insurance, EastWest Ageas Life still has to wait
for Bangko Sentral ng Pilipinas approval of the bancassurance business within EastWest premises.
EastWest Bank President and CEO Antonio C. Moncupa Jr. is very optimistic about the joint
venture with Ageas, saying it enhances EastWests value proposition to customers.
Bancassurance is a vital strategy for us as it makes us a truly one-stop shop for our clients
financial and insurance needs. We are confident that the diversification of our products to include
protection solutions will enhance our competitive edge, increase customer loyalty, and create
greater value for our customers while expanding our revenue stream, he said.
The newly formed insurance company is seen to benefit from EastWests fast-growing customer
base, consisting of 433 branch stores, representing the seventh largest distribution network among
banks in the Philippines. On the other hand, Ageas contributes its vast experience in
bancassurance from its successful businesses in Asia and Europe.
EastWest Ageas Life CEO Hans Loozekoot is likewise very excited about the opportunities for the
new company.
The Philippines is basically a one product market for life insurance as over 75 percent of all such
products sold here are single premium Universal Life Insurance contracts. Our approach is
different. We believe in building and nurturing relationships for life with our customers. We will focus
on offering insurance solutions which are relevant for the relatively young customers of EastWest.
Young people are generally more concerned with having a safety net. Therefore, we will provide
advice on access to healthcare, childrens education, home loan protection and planning for the
longest holiday of their life retirement, he said.
Loozekoot is focused on ensuring that customer will be advised of the right solutions and that they
experience excellent customer service. Our people will not push products. Their job is to engage
customers, understand their needs, and provide custom advice. This is why we call them Advisors.
Our passion to help our customers plan and protect themselves and their families is why we wake
up in the morning and come to work.

PRESS RELEASE
Contact Person
Tel. No.
Email Address

Allan M. Tumbaga
+63 (2) 575-3898
amtumbaga@eastwestbanker.com

------------------------------------------------------------------------------------------------------------------

When asked about the partnership with EastWest, he said, Ageas and EastWest are equal
partners in the JV and bring complementary skills. This is a marriage of choice. There is strong
commitment from both parties and we know we will do everything to make this work for our
customers, for our employees and for each other.
For his part, Insurance Commissioner Emmanuel F. Dooc believes that EastWest Ageas Life is a
welcome force in developing the insurance industry in the Philippines.
There is strong commitment evidenced by the joint ventures Php 2 billion capitalization which is
double our minimum requirement. The focus on protection products for youth and the mass market
will help in the financial inclusion of Filipinos and will give them a better future, he said.
###

EastWest Ageas Life CEO Hans Loozekoot (center) receives the companys life insurance license certificate
from Insurance Commissioner Emmanuel F. Dooc (leftmost), while EastWest Bank President and CEO
Antonio C. Moncupa, Jr. (rightmost) looks on.

PRESS RELEASE
Contact Person
Tel. No.
Email Address

Allan M. Tumbaga
+63 (2) 575-3898
amtumbaga@eastwestbanker.com

------------------------------------------------------------------------------------------------------------------

EastWest Banking Corporation is one of the fastest growing universal banks and is ranked among the top
10 privately owned local banks in the Philippines. It is a subsidiary of the Filinvest Development Corporation
(FDC), one of the largest and well established business conglomerates in the Philippines. FDC, established in
1955, is identified with the Gotianun family and aside from banking, its business interests include real estate,
hospitality & tourism, sugar milling and power generation.
Ageas is an international insurance group with a heritage spanning 190 years. Ranked among the top 20
insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia,
which together make up the largest share of the global insurance market. These are grouped around four
segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of
wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the
world. Ageas operates successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal, Turkey,
China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and the UK. Ageas is the
market leader in Belgium for individual life and employee benefits, as well as a leading Non-Life player
through AG Insurance. In the UK, Ageas is the sixth largest Non-Life insurer with a number 3 position in cars
insured and has a strong presence in the over 50s market. Ageas employs more than 13,000 people in the
consolidated entities and over 30,000 in the non-consolidated partnerships, and has annual inflows of more
than EUR 25 billion.