Philippines life insurance rises whilst non-life declines in Q4 2024

Both sector’s total assets grew YoY.

The Philippines’ life insurance and non-life insurance sectors both saw varied net income results during the fourth quarter (Q4 2024), rising 19.63% year-on-year (YoY) and contracting 2.63% YoY, respectively.

Data from the country’s Insurance Commission showed that the life insurance sector's total assets grew by 7.30% YoY to $32.64b (₱1.92t) as of Q4 2024, driven by a 4.93% YoY  increase in Traditional Fund Assets and a 9.10% YoY rise in Segregated Fund Assets. 

Total liabilities increased by 8.20% YoY, mainly due to a 9.14% YoY rise in Segregated Fund Liabilities and a 7.03% YoY uptick in Aggregate Reserves.

The sector's total net worth rose by 2.33% YoY. Total premium income rose by 13.56% YoY to $5.99b (₱352.02b).

The life sector’s net income gain of $580m (₱33.63b) was driven by a 77.58% YoY rise in Miscellaneous Income and a 94.0% YoY increase in Gain on Sale of Investments.  

In the non-life insurance sector, total assets grew by 0.73%YoY to $6.37b (₱374.49b), whilst total liabilities declined by 0.68% YoY to $4.08b (₱240.20b). The sector’s aggregate net worth increased by 3.35% YoY to $2.28b (₱134.30b).  

Total invested assets rose by 4.48% YoY to $3.15b (₱185.00b), led by a 10.34% increase in Available-for-Sale Financial Assets, which contributed an additional $0.09b (₱5.46b). 

Net Premiums Written grew by 10.49% YoY to $1.22b (₱71.84b), with the Motor Car line, which accounts for 40.17% of NPW, increasing by 6.28% to $0.49b (₱28.86b). 

The Fire insurance line, comprising 16.64% of NPW, posted a 12.44% YoY increase.  

The non-life sector’s contraction, which saw $160m (₱9.13b), was mainly due to a 3.68% YoY drop in Underwriting Gain, as underwriting expenses outpaced income growth. 

A 7.47% YoY rise in General and Administrative Expenses and a 34.12% YoY increase in Provision for Income Taxes also contributed to the decline. 

($1.00 =  ₱58.12)