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September 22, 2023

Insurance industry reports growth in premiums and assets during Q1

According to data from the Insurance Commission (IC), the Philippine insurance industry witnessed an overall increase in combined premiums, assets, and net worth in the first quarter.

Out of 136 licensed insurers and mutual benefit associations (MBAs), 130 entities reported a 0.15% rise in combined premiums, reaching P97.9 billion.

Additionally, combined assets grew by 4.43% to P2.22 trillion, and total net worth surged by 19.74% to P471.77 billion.

Despite a slight decrease of 0.98% in combined net income to P9.855 billion, the industry demonstrated positive growth in various financial indicators.

The life insurance sector experienced a minor decline of 0.47% in premium income, primarily driven by a 12.76% decrease in variable life premiums, while traditional life premiums saw a notable increase of 36.74%.

Non-life insurance companies reported a slight rise of 0.09% in net premiums written, reaching P15.88 billion, with net income surging by 137.32% to P2.63 billion.

Mutual benefit associations recorded a 15.23% year-on-year increase in total contributions, amounting to P3.78 billion.

These positive trends indicate the resilience and growth potential of the Philippine insurance industry.


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