MANILA, Philippines—The pandemic-induced recession that battered financial markets everywhere led to a drop in life insurers’ investment incomes and pulled down the entire domestic insurance industry’s bottom line by 8.6 percent to P41.2 billion in 2020.
The latest Insurance Commission (IC) data showed that the total net income of 126 life and non-life insurance firms, as well as mutual benefit associations (MBAs), i 2020 declined from P45.1 billion in 2019.
Separate IC data showed that life insurance companies’ combined 2020 net income fell 16.4 percent to P30.2 billon from 2019’s P36.1 billion.
Bucking the trend, non-life players, on the other hand, raised their total net income by 65.8 percent to P5.6 billion from P3.4 billion in 2019.
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