The Philippines Insurance Commission published Q4 2024 financial performance data for the pre-need industry, showing total net income up 146.93% year on year to PHP 5.15 billion (from PHP 2.09 billion). The increase was attributed mainly to a 68.04% rise in income from investments in trust funds and a 120.23% increase in other income, based on unaudited interim financial statements submitted by 16 pre-need companies. Total assets rose 8.12% to PHP 164.71 billion, with investments in trust funds representing 84.79% of assets and growing 9.08% year on year. Total premium income edged down 0.38% to PHP 22.64 billion as only 8 out of 17 companies reported an increase in premiums collected, while total plans sold fell 6.61% to 699,621 and were overwhelmingly life or memorial plans (99.88%). Total liabilities increased 5.89% to PHP 136.73 billion, driven by a 6.10% rise in pre-need reserves which account for 90.68% of liabilities, and total net worth rose 20.54% to PHP 27.98 billion, mainly reflecting a 38.04% increase in retained earnings (63.72% of net worth).
Philippines Insurance Commission 2025-02-28
Philippines Insurance Commission reports 146.93% jump in pre-need companies net income in Q4 2024
The Philippines Insurance Commission reported a 146.93% year-on-year increase in Q4 2024 net income for the pre-need industry, reaching PHP 5.15 billion, driven by rises in investment and other income. Total assets grew 8.12% to PHP 164.71 billion, with trust fund investments comprising 84.79% of assets. Despite a slight decline in total premium income and a drop in plans sold, total net worth increased by 20.54% to PHP 27.98 billion, largely due to higher retained earnings.