The Philippine Insurance Commission reported a robust growth in the life insurance sector, with total premiums hitting P229.9 billion in the first three quarters of 2023.
New insurance sales, measured by Annual Premium Equivalent (APE) premiums, rose 13.9% to P46.6 billion compared to the same period in 2022. The growth was attributed to a renewed focus on traditional life insurance, compensating for a decline in variable life insurance sales.
Renato A. Vergel De Dios, president and CEO of BDO Life Assurance Company, highlighted the crucial role of life insurance in nation-building. Premiums, especially from traditional life sales, contributed to long-term capital, strategically fueling economic growth in areas like infrastructure and manufacturing. Encouraging Filipinos, including overseas Filipino workers, to acquire life insurance not only secures financial futures but also aids in forming long-term capital funds for national development.
De Dios said industry investments create local job opportunities, reducing the need for Filipinos to work abroad.
BDO expects bancassurance to remain a key contributor to its financial services business, with BDO Life ranking 4th in new sales recovery in 2022, measured by new business annual premium equivalents (NBAPE).
