The Philippines’ non-life insurance sector’s total premiums posted a 19.2 percent increase to ₱18.8 billion in the first quarter from ₱15.8 billion last year on the back of continued strong demand for motor car and fire insurance, data from the Insurance Commission (IC) revealed.

By volume, the year-on-year increase of ₱3.03 billion in premiums earned outpaced the ₱1.7 billion rise in losses incurred.

However, in terms of growth rate, the increase in total losses incurred in the first quarter was more pronounced, rising by 27.1 percent to ₱7.9 billion from ₱6.2 billion in the same period a year earlier.

Despite this, the non-life insurance industry’s total net income climbed by 14.6 percent, reaching ₱2.9 billion in the first quarter of 2025, up from ₱2.5 billion a year earlier. The IC attributed this growth in profitability to “a strong underwriting performance.”

Net premiums written (NPW) reached ₱20.27 billion in the first quarter of 2025, increasing by 19.4 percent from ₱17 billion a year ago. NPW refers to the total premiums an insurance company earns from policies it has issued, after subtracting the portion of premiums that is ceded to reinsurers.

Regalado noted that the motor car insurance line increased by 11.1 percent from ₱7.2 billion to ₱8 billion.It accounted for the largest share of total NPW at 39.3 percent.

Fire Insurance also posted strong growth, increasing by 21.9 percent to ₱3.8 billion from ₱3.1 billion annually.

“We are glad that all business lines reported growth during this period,” the commissioner said.

During the period, the sector’s total assets increased by 4.9 percent year-on-year to ₱381.7 billion from ₱363.9 billion a year earlier.

Meanwhile, the non-life insurers’ total liabilities grew by 4.1 percent, going up from ₱232.3 billion to ₱241.8 billion.

Its total net worth increased by 6.3 percent, from ₱131.6 billion in the first quarter of 2024 to ₱139.9 billion this year.

The industry’s total invested assets reached ₱187.3 billion in the first quarter of 2025, expanding by five percent from ₱178.5 billion in the year prior. It accounted for 49.1 percent of the sector’s total assets.

This increase was driven by an 18.9-percent rise in held-to-maturity investments, which grew by ₱7 billion.

Over 71 percent of the total invested assets were allocated to time deposits (19.3 percent), held-to-maturity investments (23.4 percent), and available-for-sale financial assets (28.6 percent).

“Overall, the non-life insurance sector performed well as of the first quarter of 2025,

marking a recovery from the downturn experienced in 2024,” Regalado said.

Regalado noted that the increases in key financial indicators—such as total assets, net worth, premiums, and net income—reflected the industry’s continued growth and stability.

The commissioner added that the regulator expects this positive momentum to continue for the rest of the year.