Insurance premiums up

THE INSURANCE industry saw its net income jump by 65.8 percent to P20.4 billion at the end of the first nine months, while premium production is expected to hit a record high by yearend, the Insurance Commission said on Monday.

In a statement, Insurance Commissioner Emmanuel F. Dooc said the strong growth in the industry’s end-September profit from P12.3 billion a year ago was “mainly due to the increase in underwriting and investment income,” citing preliminary data based on the latest quarterly reports submitted by insurance firms to the regulator.

The life insurance sector’s net income grew by 57.2 percent year-on-year to P16.8 billion at the end of the first nine months, while that of the non-life sector climbed by a faster 122.1 percent to P3.6 billion.

Premium production of life and non-life companies combined grew 29.8 percent to P172.4 billion as of end-September from P132.9 billion last year.

According to Dooc, the industry is poised to reach record sales 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,” he said.

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