Insurance firms did ‘exceedingly well’ in 2017 — Funa
It was another banner year for the industry amid strong growth in all fronts.
Insurance Commissioner Dennis Funa hailed the performance of the sector in 2017 as total premiums hit P260 billion by end-December, rising by 12 percent from the P231.9 billion in 2016.
Funa announced the initial figures during his speech at the 69th anniversary of the Insurance Commission.
“The three sectors, life, non-life and MBAs, all posted positive growth in the four parameters of assets, premiums earned, net worth and paid-up capital or guaranty fund,” Funa said, adding that the industry performed “exceedingly well” last year.
Premiums for life insurance reached P202.3 billion, while non-life players reported P48.6 billion. Insurance premiums from mutual benefit associations also grew to P8.7 billion, Funa revealed.
Assets of Philippine insurance companies also reached P1.6 trillion, jumping by 17.9 percent from P1.3 trillion in 2016.