CORPORATE PROFILE

MAAGAP Insurance, Inc. is committed to providing quality non-life insurance products and services that meet customers’ requirements, and to build a culture driven towards achieving total customer satisfaction whilst ensuring optimum return on shareholders’ investment.

Through the Management of MAAGAP Insurance, Inc., the MAAGAP Group brings to the Philippines its rich heritage of world-class customer service. The Group is renowned for its strict adherence to global standards in time responsiveness to insurance needs, and for its great quality personal touch—complemented by its high-technology infrastructure—in all its interface with both corporate and individual clients.

Through MAAGAP Insurance, Inc. the Group brings to the Philippines its commitment to support the development of career agents in the field of insurance. The company provides continuing training programs to enhance both selling and management skills of its agents. Through these programs, the Group provides an environment for personal career growth.

MAAGAP Insurance, Inc. undertakes to continuously support the personal aspirations of its employees, provide challenging opportunities for growth and development and to inculcate in them a passion for excellence.

Letter-from-CIP-re-MAAGAP-Certification-to-ISO-9001-2015

MAAGAP-ISO-9001_2015-Certificate-of-Regsitration

The Board of Directors and Management, i. e. officers and staff, of MAAGAP Insurance, Inc. (the “Corporation”) hereby commit themselves to the principles and best practices of good Corporate Governance, and acknowledge that the same may guide the attainment of their corporate goals.

In line with the governance improvement initiative of the Insurance Commission and in keeping with its corporate goals, MAAGAP adopts the Annual Corporate Governance Report (ACGR) pursuant to the IC Circular Letter No. 2020-72 dated 30 June 2020:

MAAGAP-ISO-9001_2015-Certificate-of-Regsitration

MAAGAP Annual Corporate Governance Report for 2020

MAAGAP Annual Corporate Governance Report for 2021

MAAGAP Annual Corporate Governance Report for 2022

MAAGAP Annual Corporate Governance Report for 2023

MAAGAP, as an insurance company, adheres to a strict tradition and culture of professionalism and excellence. Having been certified to ISO 9001:2008, MAAGAP is committed to implement its quality management system in compliance with ISO standard to strengthen consistently our position of assuming a more pro-active approach in pursuing continual improvement not only in production and efficiency but also in our social integration with the community.

We at MAAGAP will always continue to maintain our emphasis on transparency and honesty more particularly on what we’re doing and paramount to earning public’s trust and customers’ loyalty. To gain public support for our presence in the market to sustain our competitive advantage, we have several programs grounded on the principle of Corporate Social Responsibility (CSR) whereby, we engage our employees and customers in giving back as we want them to feel like they have a voice.

Value Training for Employment

As the core business of insurance relies on the efficiency of human capital, MAAGAP has a comprehensive scholarship to employment programs, wherein deserving individuals are chosen as college scholars to take up a course relevant to the insurance industry. Once the scholar reaches junior or senior year college and enrolls in the OJT program, he is directed to take his training with MAAGAP. The exposure allows the student opportunity to train in the actual business operation of his benefactor and grants MAAGAP the opportunity to evaluate and direct his potential. After graduation, MAAGAP hires the former scholar.

This comprehensive value training for employment program is founded on the principle of symbiosis wherein each party benefits by trading value for value.

Employee and Stakeholder Training

MAAGAP regularly conducts In-House Basic Non-Life (BNL) Insurance Trainings to its new employees and also to its partners/stakeholders, specifically the agents and brokers, who conduct business with MAAGAP.

The purpose of the BNL training is to orient new employees, selected agents and brokers, in order to orient them with the fundamental lessons in the non-life insurance. Lesson topics in the four-day, course which is conducted on Saturdays include introduction to the Non-Life Insurance Industry, Basics of Motor Car Insurance, Fire and Property Insurance, Bonds and Surety, Liability Insurance, Marine Insurance, P.A. and Health Insurance.

MAAGAP also conducts advanced specialized courses on the different product lines that it offers (fire and property insurance, suretyship and motor car insurance). These trainings are held when it is assessed that company employees, agents and brokers can benefit from this advance knowledge.

Aside from the above in-house trainings, MAAGAP also takes note of training invitations from outside firms and institutions and enlists their employees in order to expand their knowledge in different aspects in the non-life insurance industry.

Employee Welfare Policy

As a matter of company policy, MAAGAP endeavors to award to its employees what is justly due to them. The company regularly works with government agencies that look after employee welfare such as SSS, PhilHealth, Department of Labor and Employment, Employees’ Compensation Commission and invite them over the company in order to conduct seminars and/or trainings in order to fully inform MAAGAP employees on labor standards, their rights within the workplace and the benefits and assistance that they can gain from these government agencies throughout their career.

Aside from the basic employee benefits declared under law, MAAGAP also aids its employees and gives them financial assistance during their time of need. As per MAAGAP’s General Internal Control Procedure (ICP), employees can avail of company loans (with no interest) for educational assistance and emergency situations.

Health Monitoring and Maintenance

Another human capital based initiative is the company’s mandatory and free annual health check-up for all employees. It is to be noted that this free check-up is done immediately prior to hiring in order for the company to be informed of the new employee’s health status.

MAAGAP shoulders the costs of the check-up maintain up-to-date baseline information of health status of its employees. From a management perspective, this baseline enables the company to have objective confidence over the fitness of its employees to render services, particularly in departments that have highly stressful environments. This practice of health consciousness likewise benefits the employees directly as it grants them the advantages of preventive medicine.

Aside from this regular physical check-up, in order to maintain the optimum health of MAAGAP employees, the company also coordinated with an HMO firm and paid for its services. That way, at the employee’s option, he/she can avail of medical and/or dental treatments when the situation or the need for it arises.

Charity

Although charity is not directly related to the core business of MAAGAP, the company nonetheless maintains an annual partnership with the Sisters of Charity, Kanlungan sa Er-ma Ministry, Inc., and Children’s Joy Foundation. Through collaborative initiatives with these institutions, the company gains assurance that its donation of resources directly benefits children who are in need. This voluntary charity work is MAAGAP’s direct approach to make the company relevant to the underprivileged.

In 2016, MAAGAP also coordinated with the National Kidney and Transplant Institute (NKTI), wherein company employees donated blood to the institute in order to help those with medical needs.

Introduction

MAAGAP INSURANCE INC. (MAAGAP) is committed to embedding Environmental and Social (“E&S”) principles into our culture. We believe that sustainable growth provides opportunities for our shareholders, clients, and societal stakeholders.

Company Overview

MAAGAP is a licensed non-life insurance corporation operating throughout the Philippines since 2001. Our focus is providing comprehensive non-life insurance solutions to individuals and businesses, including those in the agricultural, industrial, real estate, construction, energy, trade, and service sectors. We are actively exploring green insurance products and aim to expand our portfolio of environment-friendly offerings.

Commitment to Sustainability

MAAGAP is dedicated to building a sustainable business by ensuring our risk management processes align with international best practices. To meet this commitment, we implement, maintain, and continuously improve our Environmental and Social Management System (“ESMS”). This system is integral to our operations, ensuring effective management of E&S risks and impacts associated with our insurance activities.

To fortify its commitment to sustainability, MAAGAP became a signatory to the Principles for Sustainable Insurance (PSI) under the United Nations Environment Programme (UNEP). As a member of the PSI Initiative, we adopt the global framework for the insurance industry to address environmental, social and governance (ESG) risks and opportunities, and a global initiative to strengthen the insurance industry’s contribution as risk managers, insurers, and investors to building resilient, inclusive, and sustainable communities and economies.

Governance

The Board of Directors holds overall responsibility for setting this policy and overseeing its implementation. The Board and shareholders receive periodic reports on the effectiveness of the ESMS and compliance with our E&S commitments.

E&S Principles

We are committed to embedding the following E&S principles throughout our business and insurance activities:

1. Communication: We communicate our E&S Policy to employees, shareholders, investors, clients, and other interested parties.

2. Client Engagement: We encourage our clients to advance E&S principles in line with our policy.

3. Risk Evaluation: We evaluate E&S risks and opportunities associated with each insurance product and service, aiming for long-term sustainable performance and minimal adverse impacts.

4. Positive Impact: We seek to encourage, evaluate, and implement measures that will have positive E&S impacts.

5. Risk Assessment: We consider the E&S risks, impacts, and opportunities associated with each client when assessing whether to insure a particular entity or project and incorporate them into the insurance approval process.

6. Exclusions: We exclude from providing insurance coverage to any client entity or project that does not comply with our principles and obligations, including those engaged in prohibited activities.

7. Compliance: We endeavor to support our clients to comply with the following E&S requirements:

• National laws, regulations, and conventions on environmental, labor, health, safety, and social issues.

• International Labour Organization (ILO) Core Labour Conventions.

• IFC E&S Performance Standards for relevant transactions.

Monitoring

We monitor the E&S performance of each client and project in our insurance portfolio, obtaining timely disclosures and performance metrics, including incidents of non-compliance and rectification actions.

Resource Efficiency and Climate

We promote the efficient use of materials and resources in our operations and those of our clients, including the use of locally produced goods, recycled materials, and energy and water efficiency measures when feasible.

Impact Insurance Products

We explore opportunities to develop insurance products that generate positive E&S outcomes alongside financial returns. We will implement robust frameworks to measure and track the E&S impact of our insurance products.

Responsible Investment

We adhere to high ethical standards and implement strong client protection principles as mandated by the Insurance Commission avoiding sectors or activities that raise ethical concerns.

Biodiversity

We consider biodiversity risks and opportunities in our decision-making processes and support clients that promote biodiversity conservation.

Human Rights and Labor Standards

We ensure that our direct and contracted employees have access to a safe working environment managed in accordance with our Employee Code of Conduct and ESMS. We treat all individuals with dignity and respect, prohibiting bullying, harassment, discrimination, and intimidation.

Stakeholder Engagement and Grievance Mechanism

We engage with relevant stakeholders either directly or through our clients as appropriate. We maintain a Grievance Mechanism to allow employees, clients, insureds, policyholders, and other stakeholders to raise concerns about our E&S performance and compliance.

Capacity Building

We continually build the capacity and competence of our direct and contracted employees, including senior management and frontline staff, to identify and manage E&S risks and opportunities effectively.

Resource Allocation

We ensure sufficient human, financial, and material resources are provided to implement our E&S Policy and ESMS effectively.

Policy Review and Reporting

We review the effectiveness and implementation of our E&S Policy and ESMS every two (2) years. We will report E&S findings, progress, and recommendations to the Board of Directors at least annually.

Our Sustainability Journey: A Commitment to the Principles for Sustainable Insurance

MAAGAP Insurance Inc. is proud to announce its formal commitment to sustainability as a newly minted signatory of the Principles for Sustainable Insurance (PSI) under the United Nations Environment Programme (UNEP). This milestone underscores our unwavering dedication to integrating environmental, social, and governance (ESG) principles into our core operations, creating value for clients, partners, employees, and communities.

We are proud to become a member of the UNEP Principles for #SustainableInsurance Initiative, and we commit to help build more resilient, inclusive, and sustainable communities and economies. By applying the global framework to our business activities, we will be able to better address environmental, social and governance (ESG) risks and opportunities. unepfi.org/psi

Amended Articles of Incorporation
Certificate of Authority issued by the Insurance Commission
Corporate Profile
Code of Business Conduct and Ethics
Manual on Corporate Governance
Statement of Corporate Governance Practice
General Information Sheet

Annual Report of MAAGAP Insurance, Inc.

MAAGAP 2024 Annual Report

Audited Financial Statement

Synopsis of Annual Statement

Meetings

MAAGAP Meetings for 2023

• • Notice of Annual Shareholders Meeting on 7 June 2023
  • Minutes of Shareholders Meeting on 7 June 2023
  • Meetings for 2023

MAAGAP Meetings for 2022

• • Notice of Annual Shareholders Meeting 27 May 2022
  • Minutes of Shareholders Meeting on 27 May 2022
  • Meetings for 2022

MAAGAP Meetings for 2021

• • Notice of Annual Shareholders Meeting
  • Minutes of Shareholders Meeting on 12 May 2021
  • Meetings for 2021

MAAGAP Meetings for 2020

• • Notice of 2020 Annual Shareholders Meeting 2020
  • Minutes of Shareholders Meeting 24 June 2020
  • Meetings for 2020

Other Corporate Governance Policies and Documents

• • Succession_Planning_Program
  • Anti-Corruption_Policy
  • Related Party Transactions Policy
  • Corporate Governance Training Certifcate(s)
  • Whistleblower Policy Plan