Insurance income up 9% to P38 billion in 9 months

MANILA, Philippines — The insurance industry saw its net income increase to P38 billion in the nine-month period amid improvements in both life and non-life segments.

Data from the Insurance Commission showed that the net income of the sector went up by 9.38 percent to P38.28 billion from January to September compared to the P35 billion in profit in the same period last year.

“The increase in net income of the insurance industry could be attributed to the increase in premium collection by both life and non-life insurance companies,” the IC said.

Broken down, the life insurance segment registered a 10.32-percent increase in net income to P28.79 billion from P26.1 billion in 2022.

As of end-September, life insurance firms collected P229.89 billion in total premiums. Of that, about P46.57 billion came from new business, up 14 percent.

On the other hand, the non-life insurance segment’s net income rose by 15 percent to P5.48 billion from P4.76 billion.

The IC reported that mutual benefit associations (MBAs) saw their income decline by three percent to P4.01 billion due to a significant increase in total underwriting expenses of P9.64 billion.

Combined, total assets of the three segments improved by 10 percent to P2.23 trillion, but liabilities also increased 10 percent to P1.78 trillion.