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THE Philippines’ insurance industry recorded a net income of P39.928 billion, driven by the non-life sector, as of the third quarter of 2024.
Latest data from the Insurance Commission (IC) showed that the total net income of life and non-life insurance companies and mutual benefit associations (MBAs) from January to September 2024 represented a 4.23-percent increase from the P38.307-billion figure recorded in the same nine-month period of 2023.
Non-life insurance companies booked a net income of P6.406 billion as of the third quarter of 2024, 17.17 percent higher than the P5.467 billion posted in the same period in 2023.
Total premiums earned by non-life insurance companies increased to P49.021 billion, higher by 10.26 percent year-on-year from P44.459 billion.
Losses incurred, however, amounted to P21.845 billion, or 19.20 percent higher than the P18.326 billion recorded a year ago.
Meanwhile, net income of life insurance companies declined by 0.13 percent year-on-year to P28.752 billion during the nine-month period from P28.788 billion a year ago.
Total premiums improved by 14.49 percent to P263.206 billion year-on-year while benefit payments went down by 14.13 percent to P62.969 billion.
However, invested assets of life insurance companies increased by 15.01 percent to P1.929 trillion from last year’s P1.677 trillion.
Moreover, total net surplus of MBAs rose to P4.769 billion as of the third quarter, up by 17.73 percent from P4.051 billion last year.
Contributions or premiums of MBAs increased by 6.27 percent to P12.215 billion as its benefit payments also went up by 9.27 percent to P5.826 billion.
Total invested assets of MBAs reached P148.095 billion, 13.22 percent higher than the P130.802 billion it invested a year ago.
Consolidated data showed the overall insurance industry has P2.377 trillion in total assets as of the third quarter of the year, up by 7.09 percent from P2.219 trillion in the same period last year.
While the industry booked P108.529 billion in total premiums as of end-September 2024, it also suffered higher losses, recording a 12.06-percent increase in benefit payments totaling P39.248 billion from last year’s P35.025 billion.
Further, Insurance penetration, or the insurance sector’s contribution to the national economy, slightly improved to 1.74 percent from last year’s 1.68 percent, but remains low.
Meanwhile, Insurance density, or the average spending of each individual on insurance, also rose by 12.44 percent to P2,910 as of end-September 2024 from P2,588 last year.