Insular Life posts 1.1% rise in FY 2024 net income

New Business Premiums surged by 20.0% YoY.

Insular Life’s (InLife) fiscal year 2024 (FY 2024) net income inched up 1.1% year-on-year (YoY) to $48.6m (₱2.7b), whilst total assets grew 3.5% YoY to $2.86b (₱158.87b).

The insurer saw gains across key metrics driven by higher insurance revenues and stronger sales. The parent company’s revenues rose 8.6% YoY to $485.1m (₱26.95b) last year.

New Business Premiums surged by 20.0% YoY to $217.08m (₱12.06b).

According to the Insurance Commission’s 2024 industry performance report, InLife ranked third in net worth, fourth in assets, seventh in net income, and eighth in New Business Annualised Premium Equivalent.

($1.00 = ₱55.79)