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- Nina D. Aguas is the CEO of Insular Life, the largest national life insurance company in the Philippines.
- Last year, Aguas partnered with the International Finance Corporation to launch InLife Sheroes, a program designed to help Filipino women in areas such as financial education and health education.
- So far, the program has reached about 3 million Filipino women, almost three times its original target.
- Aguas has championed female inclusion at Insular Life, where 12 of the 19 members of the senior leadership team are women, including the executive director.
- Because of his work, Business Insider named Aguas to our annual list of 10 leaders transforming finance in Asia.
- Visit Business Insider’s Transforming Business home page for more stories.
With a 30-year career in banking and finance, Nina D. Aguas has broken more than a few glass ceilings, leading major financial institutions in both the Philippines and Asia Pacific. He is currently CEO of Insular Life, the largest national life insurance company in the Philippines, and continues to make leaps and bounds for corporate diversity and equal opportunity. In March last year, Insular Life partnered with the International Finance Corporation (IFC) to launch InLife Sheroes, an initiative that aims to recognize, educate, and empower Filipino women in areas such as financial management, business networks, and health and wellness. . Business Insider spoke with Aguas to discuss the success of the show, as well as his thoughts on his career thus far in a traditionally male-dominated industry.
Business Insider: What was Insular Life’s motivation for launching the InLife Sheroes initiative?
Waters: When we look at this in the global context, there is a huge imbalance between the ratio of men and women in key leadership positions. While the numbers are improving, women still hold only 15% of board positions worldwide. In Asia, the number of women in key leadership positions is even lower than the global score. I see this initiative as an opportunity for us Filipino women to expand and dream beyond our reach. The aim is to present our point of view so that important decisions that lead to global policies and are adopted as local practices are not biased or taken in deference to male leaders.
Business Insider: What do you expect the result to be?
Waters: InLife Sheroes has four pillars: financial education, health and wellness education, specific solutions for women, and access to social and business networks. Our mission is to address the needs of women by supporting and protecting their general well-being. Small and medium-sized enterprises (SMEs) have access to training and a huge network to earn and learn from and to flourish and grow. InLife Sheroes is a huge, open door helping more women, to borrow Michelle Obama’s word, to convert.
Business Insider: Can you give some examples of specific initiatives and the value they bring to Filipino women?
Waters: Under the financial literacy pillar, we launched for the first time a nationwide landmark study on women that provided information on the degree of independence of Filipino women to make financial decisions. This knowledge contributed to the development of our financial education course for women. We believe that through financial education, we can help the Philippines make informed decisions that can improve their economic well-being and help them achieve their financial goals.
With the Health and Wellness Education pillar, we educate women about the health risks they face at different stages of life to help them achieve optimal health. This education is provided through the InLife Sheroes website and YouTube channel, and through partnerships with organizations that provide real medical missions and health and wellness seminars at the grassroots level of society. If we can help women lead healthy lives, women will be in a better position to achieve economic empowerment.
Business Insider: How is the initiative managing to connect and engage with women?
Waters: Our three-year goal was to touch a million lives. At the end of October, with only 18 months into the program, we had already reached 2,780,331 lives. Having reached our goal early enough inspires us to touch millions more.
The global health crisis caused by the Covid-19 pandemic forced us to pause for most of our financial education and face-to-face health and wellness events originally planned for the year. However, we find ways to keep connecting with people even during lockdowns, through online health and wellness and financial education workshops, webinars, virtual conferences, virtual awards and recognitions, and ongoing uploads of helpful articles and videos for women and girls facing the challenges brought by the pandemic.
Business Insider: You have been a pioneer for women in business, particularly in the financial sector. Have you always been aware of a certain responsibility in this regard?
Waters: From the 1990s until now, diversity needed to be formally incorporated into the agenda of our institutions, recognizing the intrinsic value of having different perspectives and dispositions in the boardroom and at senior leadership tables. I think I benefited from that time. I always said that I carried our highest diversity scores in two respects, gender and ethnicity: female and Asian. I was also the Chief of Diversity for Citibank Asia Pacific, where we pursued specific tactical and long-term strategies to address diversity in the workplace. In a sense, I had a lot of practice: I’ve become color blind and gender blind. I apply the same discipline and focus, create the same passion and enthusiasm, the same judgment and common sense on paper as the men before me did. He is the best person for the job, it is not about being male or female or in between.
Business Insider: Insular Life has a strong gender balance at the boardroom level. How did this come about?
Waters: As women slowly progressed within the organization, the value they bring to the table was increasingly recognized. I make sure we are on critical committees of the board so that our perspective and point of view are equally part of the important decisions. We achieve balance and we are not biased one way or another.
Business Insider: What do you think are the business advantages of having a more diverse senior leadership team?
Waters: It provides diversity of thought and ideas and richer points of view. This helps bring
make superior and balanced decisions and strategies. For me personally, being a woman makes it easier to show compassion and empathy, not in a negative way, but our perceptions and instincts allow us to read and interpret events and circumstances naturally, and these often strengthen a technical decision.
I have worked primarily with male bosses and there was a varying degree of professionalism, respect, breath of experience, brilliance and genius, as well as disappointment, misbehavior, insecurity and rudeness. I’ve seen the best and worst in political ability, disposition, confidence, and culture. The most vivid lessons were the lessons I took with me about who I didn’t want to be when my turn came.
Business Insider: What lessons would you give to young Filipinos starting out in the world of finance?
Waters: I’ve always marched to the beat of my own drum. Like in a race, I try to avoid looking to the side and back, since no one is the same. Heard this once: don’t let doubt neutralize your ambitions. Your individuality makes you who you are and this should shine. You won’t have all the answers at any time, I don’t have them yet, but have the courage to take risks and make your own dreams come true. Lastly, family and relationships are important – keep your balance, you will be happier and better.
