THE insurance industry posted a double-digit hike in its net income in the first semester of the year, according to the Insurance Commission (IC).
In its latest report on the insurance industry’s performance, IC data showed the overall net income of life and non-life insurers as well as mutual benefit associations totaled to P27.78 billion in January to June.
This saw an increase of 24.09 percent from the P22.39 billion incurred a year ago.
The total premium collection went up 14.48 percent for the period, to P214.94 billion from P187.76 billion in the same period last year.
The insurance penetration, or the contribution of the insurance sector to the national economy, improved to 1.71 percent this year from the 1.63 percent recorded in 2023.
Insurance density, or the average spending of each individual on insurance, likewise went up to P1,907.19 from P1,667.50 last year.
The latest preliminary figures are based on the submitted income reports of 126 out of the 131 licensed companies.
Total assets rose by 6.02 percent to P2.36 trillion in the first semester.
Total invested assets saw an increase of 3.21 percent to P2.04 trillion, while liabilities went up 7.42 percent to P1.91 trillion.
The overall net worth of these companies stood at P454.24 billion, 0.48 percent up year-on-year.
