The combined premiums of the insurance industry registered a decline in the first six months of the year, data from the Insurance Commission (IC) revealed.

Based on reports provided by 128 out of 136 licensed life and nonlife insurers, as well as mutual benefit associations (MBAs), the total premiums from January to June decreased slightly by 0.49 percent to P187.76 billion compared to P188 billion in the period last year.

On the other hand, the industry's total assets witnessed a 10 percent increase, reaching P2.229 trillion. At the same time, liabilities rose by eight percent to P1.87 trillion. The overall net worth of the industry stands at P450 billion.

Meanwhile, out of the 35 life insurance companies, 34 of them have submitted their first two quarter reports.

The overall premiums of the life insurance sector amounted to P149.5 billion, indicating a two percent decrease compared to P152.9 billion recorded in the previous year.

The assets of life insurers posted a 12 percent growth to P1.733 trillion from P1.54 trillion in the same period last year. Similarly, total liabilities increased by 9.57 percent to P1.461 trillion.

Life insurance companies also saw a significant increase in net worth, which rose by 31 percent to P271 billion.

The total paid-up capital, which includes available cash assets, witnessed a 22 percent rise to P22.21 billion. Additionally, invested assets improved by 15 percent to P1.68 trillion.

Meanwhile, the total benefits payment decreased by seven percent to P47 billion from P50.4 billion recorded a year earlier.

On the other hand, 54 out of the 60 non-life insurance companies have submitted their data to the insurance commission.

The sector's total gross premiums written at the end of June reached P60 billion, an increase of 26 percent compared to P47.5 billion recorded in the same period last year.

Total assets recorded a slight growth of 1.33 percent to P355.67 billion. This is in line with the total liabilities, which inched up by 1.45 percent to P232.11 billion.

A minimal increase of 1.11 percent was also observed in the total net worth, amounting to P123.5 billion. However, the total paid-up capital decreased by 0.25 percent, equivalent to P48.3 billion.

The total net premiums, written by non-life insurance companies over a specific period, increased by five percent to P30.7 billion. Additionally, earned premiums from expiring policies also saw a rise of 7.56 percent to P28.7 billion.

Losses incurred by non-life companies increased by 9.5 percent to P11.3 billion. However, the overall net income surged by 32 percent, reaching P3.6 billion.

Finally, data on the performance of mutual benefit associations (MBAs) was collected from 40 out of 41 submissions, including those with pending applications for renewal.

The contributions, or MBA premiums, experienced a significant jump of 14.14 percent to P7.58 billion in the first half of the year compared to P6.65 billion in the same period the previous year.

The total assets of MBAs amounted to P141 billion, while liabilities reached P83.5 billion.

The fund balance saw an increase of 9.68 percent, reaching P57.446 million. However, the guaranty fund slightly decreased by 0.96 percent, amounting to P1.2 billion.

A notable increase of 10.06 percent was observed in the total invested assets of MBAs, which now stands at P127.8 billion.

By the end of the quarter, the final benefit payments and net surplus of MBAs decreased as expenses dropped by 17 percent, amounting to P3.4 billion.