The insurance industry’s total premiums recorded a slight decline of 0.49 percent as of June 30, data released by the Insurance Commission (IC) showed.
According to the report posted on the IC’s website, the industry’s consolidated premiums amounted to P187.76 billion in the first half of the year, lower than the P188.69 billion recorded in the same period a year ago.
The latest figures covered 128 out of the 136 life and non-life insurers, and mutual benefit associations that submitted their respective reports.
Meanwhile, total net income rose 4.23 percent to P22.39 billion from the P21.48 billion in the same period last year.
Total assets jumped 10.4 percent to P2.23 trillion versus the P2.02 trillion recorded in the first half of 2022.
Invested assets alone reached P1.98 trillion, posting a 14.94 percent increase from last year’s P1.72 trillion.
Liabilities totaled to P1.78 trillion, 8.45 percent up from the P1.64 trillion a year ago.
Total benefit payments amounted to P61.77 billion, 5.04 percent down from January to June 2022’s P65.05 billion.
The industry’s total net worth reached P452.05 billion in the first semester of the year, surging 18.83 percent from the year ago level of P380.42 billion.
