The total premium income collected by pre-need companies amounted to P11.21 billion in the first semester, up 9.45 percent from the same period last year, according to the Insurance Commission (IC).
In a statement yesterday, the IC said the increase in total premium income could be attributed to the higher number of pre-need plans sold during the period which totaled 419,044 in the first half of 2023, posting a 27.66 percent increase versus the previous year.
Majority of the pre-need plans sold during the first six months of the year are memorial plans, accounting for 99.89 percent.
The rest of the pre-need plans sold are pension plans and education plans.
The IC also reported that the pre-need industry’s investments in trust funds are P6.83 billion higher than their contingent liabilities in servicing active pre-need plans sold to the public.
As of the first half of 2023, investments in trust funds of pre-need companies reached P125.37 billion, while contingent liabilities of pre-need companies in servicing active pre-need plans sold to the public amounted to P118.53 billion.
Total assets, liabilities and net worth of the pre-need industry also increased by 7.86 percent, 3.57 percent and 40.09 percent, respectively. – Angela Celis
