Insurance premiums surge in Q1 to nearly P100 B
Gross premiums collected by insurance companies and mutual benefit associations (MBAs) rose 27.82% from a year earlier in the first quarter to P99.89 billion, the Insurance Commission (IC) reported.
Insurance Commissioner Dennis B. Funa said in a statement Friday that the overall premiums written by the industry climbed were reported by insurers on an unaudited basis.
Mr. Funa said the companies’ adoption of technology helped boost their overall performance and sustained their operations during quarantine, as did new rules allowing remote selling.
The life insurance sector booked P83.2 billion in total premium income in the first quarter, up 36.64% from a year earlier.
MBA premiums rose 11.2% to P3.18 billion in the three months.
Non-life premium income declined 10.33% while new insurance contracts written fell 7.95%, Mr. Funa said.
Combined net profit of the domestic insurance industry grew 46% year-on-year during the period to P11.85 billion.
Non-life insurer earnings rose 626.2% to P1.19 billion in the first quarter. The life segment’s earnings grew 38.16% to P9.42 billion.
The insurance industry’s investments grew 17% to P1.67 trillion in the first quarter.
Life insurers’ investment portfolios rose 17.67% to P1.44 trillion followed by a rise of 10.92% posted by MBAs and an 8.96% gain by non-life. – Beatrice M. Laforga