Philippine insurers post better Q2 results
Provided by Philippine Daily Inquirer.
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MANILA, Philippines — The Philippine insurance industry posted stronger second-quarter earnings as rising premium collections outpaced payouts to policyholders, latest data from the Insurance Commission (IC) showed.
Net income reached P28.78 billion in the April-to-June period, up 3.62 percent from a year earlier.
The gains were driven largely by higher premium inflows, which lifted insurance density—the average spending per person on coverage—by 12.07 percent to P2,137.
READ: Philippine insurance sector to outpace global growth
Premium payments for both life and nonlife products totaled P242.84 billion in the first half, up nearly 13 percent year-on-year. Contributions to mutual benefit associations also edged higher, rising 3.09 percent to P8.16 billion.
The industry’s penetration rate, or premiums as a share of gross domestic product, improved to 1.79 percent in the second quarter from 1.71 percent a year earlier.
While the uptick points to a slow but steady expansion of the market, the Philippines remains among the countries in Southeast Asia with the lowest penetration levels, well behind regional leaders, such as Singapore and Thailand.
Industry leaders say this highlights not only the sector’s untapped growth potential but also the continuing financial vulnerability of millions of households, many of whom still lack even basic health or life insurance. It’s a gap that insurers and regulators alike have been trying to address through digital platforms, microinsurance products and financial literacy programs.
Positive trend
The regulator emphasized the positive side of the trend.
“This considerable increase was driven by a rise in total premiums that exceeded the population growth rate of 0.87 percent. The growth suggests a higher level of adoption and use of insurance services within the population as of the quarter,” the IC said.
Benefit payouts to clients rose modestly, up 1.18 percent to P77.57 billion.
On the balance sheet, total invested assets climbed 10.7 percent to P2.26 trillion, while industry assets expanded 7.56 percent to P2.54 trillion.
Liabilities increased 7.29 percent to nearly P2 trillion.
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