Insurance premiums reach P77B in Q1
Life insurance is a booming business so far.
The Insurance Commission reported robust growth for the sector during the first quarter of 2018, as premiums posted a solid 34 percent growth to reach P76.64 billion from P57.04 billion a year ago.
Life insurers enjoyed a whopping 40.18 percent growth as premiums totaled P61.79 billion by end-March. Net income also grew by 31.16 percent to P6.31 billion.
Non-life companies also reported total premiums up by 13.29 percent to P10.89 billion, largely because of motor and fire insurance products.
Contributions for mutual benefit associations amounted to P2.51 billion, also 21.75 percent higher than the P2.06 billion as of March 2017.
All insurance companies made P8.03 billion as of end-March, growing from P6.34 billion during the first quarter of 2017.
“With the impressive performance of the insurance industry during the beginning quarter of the year, we are optimistic that industry players will maintain this momentumfor the rest of the year,” Insurance Commissioner Dennis Funa said.
Total investments reached P1.32 trillion, while assets grew to P1.55 trillion.