The insurance industry in the Philippines raked in a net income of PHP22.4bn ($393.5m) in the second quarter of 2023, 4.23% higher than in the corresponding period in 2022, according to data released by the Insurance Commission (IC).
Profits rose in 2Q2023 although total premiums dipped by 0.5% year on year in 2Q2023.
With net results of PHP9,855.2m for 1Q2023, the profits of the insurance sector for the first six months of the year added to PHP32,241.3m, 2.6% more than in 1H2022.
The data from 126 out of 138 insurers show that benefit payments fell in April-June 2023, attributed as one reason for the higher net result. Total benefits or claim payments decreased by 5.04% year on year to PHP61.8bn in 2Q2023.