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September 23, 2023

Insurance industry proved resilient in 2021

The insurance industry performed well in 2021 and posted numbers that highlighted its resilience in the midst of the pandemic, Finance Secretary Carlos G. Dominguez said on Friday.

He reported industry assets aggregating P2.1 trillion in 2021, which was 8.4 percent higher than assets of only P1.9 trillion in 2020, that also allowed it to collect premium 22 percent higher to P374.7 billion from only P308.3 billion.

Industry total net income and net worth also increased by 18.6 and 8.1 percent that year, respectively.

“All these numbers underscore the resilience of the industries under the Commission. In addition, this impressive performance reflects the efficiency of the regulatory and supervisory measures that the Insurance Commission issued and implemented, during and even prior to the pandemic,” he said.

During the year the Insurance Commission led by Dennis Funa also audited the books of the Philippine Crop Insurance Corp. (PCIC), the Social Security System (SSS), the Government Service Insurance System (GSIS) and the Philippine Health Insurance Corp. (PhilHealth) whose findings were helpful in charting a stable future for the state-managed institutions.


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