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Manila Bulletin devider Business devider Pre-need industry profit up 9% in H1

Pre-need industry profit up 9% in H1

Published Nov 8, 2023 04:00 pm

At A Glance

  • The pre-need industry's net income surged to P11.21 billion in the first half of the year, which was a 9.45 percent increase collected from January to June last year.<br>The Insurance Commission attributed the increase to 419,044 memorial plans sold, which accounted for 99.89 percent of all pre-need plans sold during the period.<br>Further, the IC noted that investments in trust funds increased to P125.37 billion while pre-need reserves clocked in at P118.53 billion.

The pre-need industry’s net income surged to P11.21 billion in the first half of the year amid an increase in the number of memorial plans sold, the Insurance Commission (IC) said.

According to IC data, this was a 9.45 percent increase collected from January to June last year.

The commission said that the increase in total premium income could be attributed to the increase in the number of pre-need plans sold during the said period or a 28 percent rise from last year.

Of the plans sold, 419,044 were memorial plans, which accounted for 99.89 percent of all pre-need plans sold during the period.

Meanwhile, 429 pension plans and 10 education plans were sold.

Further, the IC noted that investments in trust funds increased to P125.37 billion while pre-need reserves clocked in at P118.53 billion.

Meanwhile, the industry saw its asset base just slightly increase by 7.86 percent to P148.80 billion from P137.96 billion in the first half of last year.

Similarly, liabilities also increased by 3.5 percent to P126.13 billion from last year’s P121.78 billion

While total net worth inched up by 40.9 percent to P22.67 billion from P16.180 billion in the same period a year ago.

Related Tags

Insurance Commission Pre-need insurance Department of Finance
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