THE INSURANCE SECTOR saw its overall net income grow by 9.38% in the first nine months, the industry regulator said on Wednesday, with its combined assets, invested assets, and net worth also increasing.
The net income of the insurance industry stood at P38.28 billion at end-September, up from P35 billion in the same period last year, the Insurance Commission (IC) said in a statement.
This came as the life and nonlife insurance sectors saw higher premiums and as mutual benefit associations (MBAs) posted increased contributions in the period.
The premium income of life insurance companies grew by 13.93% to P229.89 billion in the first nine months, with P46.57 billion coming from new business.
The sector posted a net income of P28.79 billion in the period, up by 10.32% from P26.10 billion last year.
Meanwhile, the nonlife insurance sector’s total net premiums written rose by 15.56% to P48.21 billion at end-September.
The segment’s net profit increased by 14.99% to P5.48 billion from P4.76 billion a year prior.
Lastly, MBAs saw contributions rise by 7.43% to P11.494.4 billion in the first nine months.
However, the net earnings of MBAs declined by 3.05% to P4.01 billion from P4.14 billion last year due to a 32.72% rise in total underwriting expenses amounting to P9.64 billion.
Meanwhile, the insurance industry’s combined assets went up by 9.93% to P2.23 trillion as of September from P2.03 trillion a year prior, while total liabilities increased by 9.77% to P1.78 trillion from P1.62 trillion.
The sector’s total invested assets likewise rose by 14.96% year on year to P1.98 trillion in the period from P1.73 trillion.
Overall net worth grew by 10.6% to P450.15 billion from P407 billion.
Lastly, total paid-up capital and guaranty fund went up by 5.10% to P83.04 billion from P79.01 billion. — AMCS