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Manila Bulletin devider Business devider Banking & Finance devider Philippine insurance premiums climb double digits in first half of 2025

Philippine insurance premiums climb double digits in first half of 2025

Published Aug 18, 2025 01:43 pm

At A Glance

  • The Philippine insurance industry posted a double-digit growth in terms of premium collections in the first six months of 2025, according to the Insurance Commission (IC).
The Philippine insurance industry posted a double-digit growth in terms of premium collections in the first six months of 2025, according to the Insurance Commission (IC).
Latest data from the IC showed that combined premiums for both life and non-life insurance products reached ₱242.8 billion as of end-June. This reflects a 13-percent growth from last year’s premium collections of ₱214.9 billion.
This across-the-board expansion drove a higher insurance penetration to 1.79 percent by the end of June from 1.7 percent in the same period last year. Insurance penetration refers to the share of insurance premiums in the country’s gross domestic product (GDP).
Life insurance premiums expanded 12 percent to ₱195.1 billion in the second quarter of 2025 from ₱174.1 billion a year ago, with most of the payments going to variable life policies.
Premiums for non-life insurance jumped 20 percent to ₱39.6 billion from ₱32.9 billion last year.
Total contributions to mutual benefit associations (MBAs) expanded by 3.1 percent to ₱8.2 billion from ₱7.9 billion a year ago.
Insurance density, or the average spending of each individual on insurance, also increased by 12.1 percent. As of the end of the second quarter, insurance density amounted to ₱2.1 billion.
“This considerable increase was driven by a rise in total premiums that exceeded the
population growth rate of 0.9 percent. The growth suggests a higher level of adoption and
use of insurance services within the population as of the quarter,” the IC said.
The total benefits payments by the industry also increased by 1.2 percent to P77.6 billion from P76.7 billion.
Total net income of the industry posted a year-on-year growth of 3.6 percent to P28.8 billion. Total invested assets grew by 10.7 percent to P2.3 trillion from P2 trillion year-on-year.
Meanwhile, the industry’s total assets climbed 7.6 percent to ₱2.54 trillion in the second quarter of 2025 from ₱2.36 trillion a year earlier, while liabilities rose 7.3 percent to ₱2.05 trillion from ₱1.91 trillion.
Net worth jumped 8.7 percent to ₱493.8 billion from ₱454.3 billion, and paid-up capital with the guaranty fund increased eight percent to ₱85 billion from ₱78.7 billion.

Related Tags

Insurance Commission (IC)
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