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September 24, 2023

Profit of pre-need industry soars 37% to P2.12B

The pre-need industry booked a 37 percent jump in earnings last year amid the sharp increase in the number of life plans sold, according to the Insurance Commission.

The net income of pre-need companies reached P2.12 billion in 2021 from P1.55 billion in 2020 as pre-need plans sold surged by 49 percent to 564,479 from 378,439.

Life plans sold by pre-need companies jumped by 49.6 percent to 563,186 last year from 376,495 in 2020, while the number of pre-need plans sold declined by 28.3 percent to 1,393 from 1,944.

St. Peter Life Plan Inc. sold the most number of life plans at 540,236 with a contract price of P26.2 billion.

Others include Cosmopolitan Climbs Life Plan Inc. that sold 20,419 with a contract price of P672.11 million, Golden Future Life Plan with 1,949 valued at P154.6 million, and Trusteeship Plans Inc. with 582 worth P22.18 million.

Only Caritas Financial Plans sold pension plans in 2021, releasing 1,393 with a contract price of P196.94 million.

The industry sold no education plans for the second straight year.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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