Life Insurers' Premium Collection Grows 12.04% in Q12024

According to the Insurance Commission, the total premium collected by life insurance companies during the 1st quarter of this year amounted to P87.66 billion, which is a 12.04% increase from the P78.24 billion premium collection during the same period last year.

The increase in premium collection could be attributed to the increase in premium collection from both variable unit life (VUL) insurance policies and traditional life insurance, which increased by 6.8% and 22.17%, respectively. Premiums paid under VUL policies amounted to P55.06 billion, while premiums paid under traditional life insurance amounted to P32.6 billion.

The new business premium collection also increased by 7.99% to P16.71 billion from the P15.47 billion collected during the same period in 2023.

For easy reference, premium collection for VUL and traditional life insurance are as follows:

Total Net Income of the life insurance sector amounted to P9.65 billion, or a huge increase of 48.52% from the Total Net Income of P6.50 billion during the same period last year. Total Benefit Payments amounted to P31.21 billion, or an increase of 20.18% from benefit payments the previous year.

​The life insurance sector also registered an 8.91% growth in Total Assets, which amounted to P1.86 trillion as of the 1st quarter of 2024. Total Liabilities also recorded a 12.07% increase, while Total Net Worth declined due to decrease in reserve accounts of 48.65% and remeasurement gains on retirement pension asset of 51.89%. Paid-Up Capital, and Total Invested Assets also increased by 11.16% and 10.15%, respectively. The above-mentioned figures are summarized in the following table: