Philippine pre-need premiums grow 4.4% in early 2025

Total premium income also grew by 4.41% to $105m.

The Philippine Insurance Commission reported a 31.23% year-on-year increase in the number of pre-need plans sold as of the first quarter of 2025, rising from 166,286 plans in Q1 2024 to 218,218 in Q1 2025.

Life or memorial plans continued to dominate the market, accounting for 99.78% of total plans sold.

The figures are based on unaudited interim financial statements from 13 pre-need companies.

Total premium income also grew by 4.41% to $105m (₱5.82b) in Q1 2025 from $100m (₱5.57b) in the same period last year.

Of the 13 firms that submitted reports, 10 recorded premium collections, with five posting increases.

Despite these gains, total net income fell sharply by 63.80%, dropping from $58m (₱3.23b) in Q1 2024 to $21m (₱1.17b) in Q1 2025.

The decline was attributed to a 14.35% rise in pre-need reserves and a slower year-on-year increase in income from trust fund investments.

($1.00 = ₱56.59)