The Philippines Insurance Commission published unaudited first-quarter 2025 market statistics showing higher insurance penetration and density compared with the first quarter of 2024. Insurance penetration increased to 1.89% from 1.78%, while insurance density rose 13.40% year-on-year to PHP 1,094.94 per capita from PHP 965.56, with the Commission attributing the changes to premium growth outpacing gross domestic product growth of 7.80% at current prices and population growth of 0.87%. Based on Enhanced Quarterly Reports on Selected Financial Statistics from 127 of 129 insurers and mutual benefit associations (MBAs), aggregate total premiums for life and non-life insurers and MBAs increased 14.41% to PHP 124.17 billion, while benefit payments declined 1.00% to PHP 38.86 billion and total net income rose 7.09% to PHP 15.30 billion. Total assets increased 4.13% to PHP 2.48 trillion and total invested assets rose 3.44% to PHP 2.19 trillion, alongside liabilities of PHP 1.98 trillion (up 3.06%) and net worth of PHP 497.23 billion (up 8.60%). In the life sector, total premium income grew 13.96% to PHP 99.90 billion, with variable life premiums up 22.78% and comprising 67.67% of life premiums, while net income rose 12.22% to PHP 10.83 billion and benefit payments fell 7.24% to PHP 28.94 billion. In non-life, net premiums written increased 19.35% to PHP 20.27 billion, led by motor car (PHP 7.97 billion, 39.31% share) and fire insurance (PHP 3.81 billion), and net income increased 14.63% to PHP 2.89 billion. MBAs recorded asset growth of 9.04% to PHP 166.38 billion and contributions/premiums of PHP 3.99 billion (up 2.89%), while total net surplus fell 25.21% to PHP 1.59 billion.

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