The Philippine insurance industry as a whole posted an aggregate net profit of PHP24.6bn ($490m) in the first half of 2021, an increase of 29.4% from PHP19.03bn in the corresponding half of 2020, according to data released by the Insurance Commission (IC).
In a statement, Insurance Commissioner Dennis Funa said the combined net income of life and non-life insurers and mutual benefit associations (MBAs) as of end-June rose because of improving economic conditions and greater consumer interest in insurance coverage amid a prolonged COVID-19 pandemic,
Premiums climbed by 37.5% to PHP187.1bn during the first six months of 2021 from PHP136.1bn in 1H2020.
“The growth of the life and non-life insurers’ and MBAs’ aggregate premiums and contributions earned and their aggregate net income in the second quarter of 2021 are indicative of economic recovery amid the COVID-19 pandemic,” Mr Funa said.
With COVID-19 still posing a threat to lives and livelihoods, the amount of benefits paid by insurers to clients jumped by 46.7% to PHP64.9bn year-on-year from January to June.
The IC said these latest figures on the industry’s end-June performance came from unaudited financial statistics submitted by 128 of the 135 licensed insurance players in the country.