The net income of the insurance market in the Philippines dipped by 2.25% to PHP46.68bn ($859m) in 2022 from PHP47.75bn, data released by the Insurance Commission (IC) show.
The figure is derived from submissions to the IC by life insurers, non-life insurers and mutual benefit associations. Although the total number of such entities was 134, the data from the IC are based on unaudited reports from 128 entities.
The companies reported a combined premium income of PHP379.23bn in 2022, 1.22% higher than the PHP374.67bn posted in 2021. Benefits paid by the industry declined by 2.26% year on year to PHP136.62bn in 2022.
The following table summarizes the financial performance of the three segments of the insurance industry in the Philippines:
Source: asiainsurancereview.com