Philippine insurance industry sees 14.41% premium increase in Q1

The Philippine insurance industry saw a significant increase of 14.41% in combined premiums during the first quarter, driven by both life and nonlife sectors.

Total premiums climbed to PHP 124.17 billion from PHP 108.53 billion year-over-year, with net income rising by 7.09% to PHP 15.3 billion.

The industry's assets expanded by 4.13% to PHP 2.48 trillion, while liabilities increased by 3.06% to PHP 1.98 trillion.

Life insurance premiums grew by 13.96%, with variable life premiums increasing by 22.78% and traditional life premiums declining slightly.

Nonlife insurance saw a significant boost of 19.19% in total premiums, driven primarily by motor and fire insurance lines.

Insurance penetration increased to 1.89% of the country's GDP, up from 1.78%, as premium growth outpaced GDP expansion.