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June 23, 2024

Q1 Life insurance premiums rise 12% thanks to VUL and traditional policy boost

Life insurers collected a total premium of P87.66 billion in the first quarter, marking a 12.04 percent increase from the P78.24 billion recorded in the same period last year.

The significant rise stemmed from heightened premium collections in both variable unit life (VUL) insurance policies and traditional life insurance, according to the Insurance Commission.

Premiums from VUL policies increased by 6.8 percent to P55.06 billion, while traditional life insurance premiums grew 22.17 percent to P32.6 billion.

Moreover, new business premium collections increased by 7.99 percent to P16.71 billion.

In the non-life insurance sector, companies wrote total net premiums amounting to P16.99 billion, reflecting a 6.98 percent increase from the previous year. However, total premiums earned during the period slightly declined to P15.78 billion.

Total gross premiums written, on the other hand, rose by 7.76 percent to P28.2 billion.

The growth in net premiums written primarily stemmed from increased collections in motor vehicle and fire insurance, which saw respective upticks of 10.87 percent and 9.13 percent.