Insurance industry posts strong growth in 2024

The Philippine insurance industry closed 2024 on a high note, with net income, premiums earned and benefits paid all posting significant year-on-year growth, according to the Insurance Commission.

- By KEISHA TA-ASAN

IC chief Reynaldo Regalado reported that total premiums across the life, non-life and mutual benefit associations (MBAs) sectors increased by 12.8 percent to P440.39 billion as of the fourth quarter of 2024 from P390.39 billion in the previous year.

Net income surged by 16 percent to P56.29 billion, while benefits paid jumped by 19 percent to P160.33 billion as of end-2024. Invested assets of insurers and MBAs grew by 7.2 percent to P2.2 trillion, while total assets increased by 6.4 percent to P2.46 trillion.

Insurance penetration—measuring premiums as a percentage of gross domestic product (GDP)—climbed to 1.67 percent in the fourth quarter of 2024, a 0.1-percent increase from the previous year.