Philippines Insurance Commission reports higher Q4 2024 premiums, net income and benefit payments across insurers and mutual benefit associations

The Philippines Insurance Commission published unaudited Enhanced Quarterly Reports on Selected Financial Statistics for life and non-life insurers and mutual benefit associations (MBAs) for the quarter ending 31 December 2024, showing year-on-year increases in aggregate premiums, net income and benefits paid. Total premiums rose 12.81% to PHP 440.39 billion, net income increased 15.88% to PHP 56.29 billion, and benefits paid grew 18.97% to PHP 160.33 billion; aggregate invested assets rose 7.23% to PHP 2.20 trillion and total assets increased 6.43% to PHP 2.46 trillion, based on submissions from 128 of 137 licensed insurers and MBAs. Insurance penetration increased from 1.61% to 1.67%, while insurance density rose 12.58% to PHP 3,892.77. In the life sector, total premium income increased 13.56% to PHP 352.02 billion and net income rose 19.63% to PHP 40.23 billion, with sector assets up 7.30% to PHP 1.92 trillion and invested assets up 7.09% to PHP 1.86 trillion; variable life accounted for 65.28% of total life premiums and New Business Annual Premium Equivalent increased 9.57% to PHP 67.49 billion. In non-life, net premiums written grew 10.49% to PHP 71.84 billion, led by motor car (40.17% share; up 6.28% to PHP 28.86 billion), while net income fell 2.63% to PHP 8.89 billion and invested assets rose 4.48% to PHP 185.00 billion. For MBAs, total assets increased 10.10% to PHP 163.58 billion, invested assets rose 12.62% to PHP 152.54 billion, contributions/premiums grew 7.49% to PHP 16.54 billion, and net surplus increased 23.24% to PHP 7.16 billion.