Life insurance industry nets P21 billion in H1

MANILA, Philippines — The Philippine life insurance industry reported a net income of P21.42 billion in the first half, up by 3.4 percent.

Its total assets breached the P2-trillion mark, according to the Insurance Commission (IC).

In a statement, the insurance regulator said the industry continued its positive growth, with net income rising from P20.72 billion in the same period last year.

IC said these figures reflect the sustained stability and resilience of the life insurance industry.

“Despite the financial challenges encountered earlier this year, the industry demonstrated its capacity to withstand financial shocks while continuing to meet its obligations to policyholders and beneficiaries,” it said.

Total premiums collected by life insurance companies for the first half surged by 17.9 percent to P229.98 billion from P195.05 billion a year ago.

Premiums from traditional life insurance products grew by 24.3 percent to P79.95 billion, while variable life premiums went up by 14.8 percent to P150.03 billion in the first half.