The premium income of the Philippine insurance industry grew 30 percent in the first three quarters from a year ago, the Insurance Commission said Monday.
Insurance Commissioner Emmanuel Dooc said in a statement total premium income in January to September reached P172.4 billion, up from P132.87 billion recorded in the same period last year.
The agency said based on quarterly reports submitted by life and non-life companies, total net income climbed 65.8 percent in the nine-month period to P20.41 billion from P12.31 billion a year earlier.
The insurance industry’s total assets in the nine-month period also jumped 10 percent to P1.09 trillion from P0.99 trillion recorded last year.
The Insurance Commission said in terms of net worth, the industry posted a 6.05-percent increase to P195.39 billion from P184.25 billion.
Dooc said 2015 could be a record year for the industry. “This year, the insurance industry shall surpass its highest premium production of P198.1 billion total premium recorded in 2013. The year 2015 promises to be the best year ever for the insurance industry in the Philippines,” Dooc said.
Dooc earlier projected a combined premium income of P240 billion this year.
“Taking into account the industry’s consistent performance during the first three quarters, our target is still achievable, if both the life and non-life sectors will have a strong finish during the fourth quarter but it will be a tall order,” he said.
The life sector’s total premiums as of end-September increased 33.16 percent to P145.48 billion from 109.25 billion in the previous year.
The sector’s net income grew 57.21 percent to P16.79 billion while total assets increased 11.46 percent to P921.19 billion.
Meanwhile, non-life sector’s total net premium written in January to September period increased 14 percent to P26.92 billion from P23.62 billion recorded in the same period last year.
The non-life insurance industry’s net income as of end-September surged 122 percent to P3.62 billion from P1.63 billion a year earlier.