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In 1972, the AFP Mutual Benefit Association, Incorporated (AFPMBAI), under the administration of an interim committee, created by the then Chief of Staff General Romeo Espino embarked on the expansion of its business concerns and benefit programs for its members. Three major divisions were created among which was its Non-Life Division. However, insofar as non-life insurance operation requires a special license, presidential intervention was sought which subsequently led to the issuance of Letter of Instruction No. 596 on September 9, 1977. This gave AFPMBAI the authority to engage in non-life business.

Pursuant to LOI 596, the Insurance Commission issued Certificate of Authority No. 144-0 on October 25, 1977. Also on this date, the first policy covering the structures and facilities of the AFP against fire was written.

In 1978, the Insurance Commission directed the AFPMBAI to separate its non-life and life insurance operations for better supervision and financial control. On March 22, 1979, its non-life division was incorporated and took on the name AFPMBAI General Insurance Corporation. AFPMBAI put in the required capitalization of P4.5M. BGen Jesus T. Dizon became the Company's first President.

To give AFPMBAI GIC a distinct identity from AFPMBAI, the company's name was shortened to AFP General Insurance Corporation or AFPGIC. The SEC approved this change of name on July 8, 1986.

To date, the AFPGIC, more popularly known as in the industry as AFPGEN, caters to non-life insurance requirements of the military and police institutions, their regular, active members and their dependents and the AFP Financial Institutions. It offers a diverse number of non-life insurance services such as Fire Insurance, Motor Car Insurance, Bonds, Engineering Insurance, Marine Insurance, Aviation Insurance, Personal Accident Insurance, Travel Insurance, Comprehensive General Liability Insurance, Firearms Liability Insurance and Golfer's Insurance.