MANILA, Philippiines—Despite the pandemic-induced recession, life insurers’ sales grew by 5.9 percent to P247.7 billion in 2020, according to the Insurance Commission (IC) on Tuesday (April 20).
In a statement, the regulator said the life insurance sector’s premium income in 2020 rose from P233.9 billion in 2019.
“Of this increase, changes to variable life insurance premiums accounted for 7.7-percent growth, from P170.1 billion in 2019 to P183.24 billion in 2020, with single premiums and renewal premiums both growing by 19.7 percent and 13.6 percent,” said Insurance Commissioner Dennis Funa.
“Premiums earned by traditional life policies likewise grew 1.1 percent from P63.8 bil…
Keep on reading: Life insurance sales grow in 2020 amid pandemic