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Manila Bulletin devider Business devider Insurance industry income grows in Q3

Insurance industry income grows in Q3

Published Dec 6, 2023 09:26 am

At A Glance

  • Insurance Industry's combined premiums from July to September 2023 increased by 9.38 percent to P38.28 billion from P35 billion in the same period last year.
  • Based on the Insurance Commission's report, the industry's total assets increased by almost 10% to P2.23 billion. Liabilities went up by 9.77% to P1.78 billion. Overall net worth of the industry stands at P450 million.
  • The net income for life insurance companies saw an increase of 10.32 percent to P28.79 billion.
  • Total net income of non-life insurance companies grew by nearly 15 percent to P5.48 billion.
  • Mutual Benefit Associations (MBAs) net income declined by 3.05 percent to P4 billion during Q3.

The insurance industry in the country experienced an increase of 9.38 percent to P38.28 billion during the third quarter on the back of a surge in life and non-life segments.

The latest data released by the Insurance Commission (IC) showed that the industry's net income increased from July to September 2023, compared to P35 billion in the same period in 2022.

The net income of the life insurance industry saw an increase of 10.32 percent to P28.79 billion, while non-life insurance grew by nearly 15 percent to P5.48 billion.

On the other hand, mutual benefit associations (MBAs) declined by 3.05 percent to P4 billion due to a significant increase in their expenses of 32.72 percent or P9.64 billion.

Life insurance companies already collected over P229.89 billion in premiums as of Q3. Some P46.57 billion is considered as new business, up 13.93 percent from figures for the same period last year.

Meanwhile, non-life insurance companies registered P48.21 billion in net premiums as of Q3, which increased by 15.56 percent from total net premiums registered during the same period a year ago.

MBAs also increased to P11.5  billion, which is 7.43 percent higher than figures during the same period last year.

The assets of life insurers posted an almost 10 percent growth to P2.23 billion from P2.02 billion in the same period last year. Similarly, total liabilities increased by 9.77 percent to P1.78 billion.

Life insurance companies also saw a significant increase in net worth, which rose by 10.60 percent to P450 million.

The total paid-up capital, which includes available cash assets, witnessed a 5.10 percent rise to P83.04 million. Additionally, invested assets improved by almost 15 percent to P1.98 billion.
 

Related Tags

non-life insurance Insurance Commission life insurance
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