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Insurance

Staff Reporter

, Philippines

Published:

7 months ago

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The Philippines’ life insurance sector climbs 9.6% YoY in Q2

This was driven by the surge recorded in premium collections from traditional life insurance products.

In the second quarter of 2023, life insurance companies in the Philippines collected P29.5b in New Business Annual Premium Equivalent (NBAPE), marking a significant 9.6% year-on-year (YoY) increase compared to the same period last year when they collected P26.9b.

The growth in premiums from new business can be attributed to a surge in premium collections from traditional life insurance products, which saw a remarkable YoY increase of 31.10% during the second quarter of 2023.

ALSO READ: Philippine reinsurance costs to hike from climate change impact

However, premium collections from variable life insurance products experienced a decline, contracting by 13.58% year-on-year.

Furthermore, the total net income of life insurance companies for the second quarter reached P16.4b, reflecting a moderate 2.58% increase compared to the same period in the previous year.

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