Figures from the Insurance Commission of the Philippines revealed that life insurers amassed a total new business annual premium equivalent (NBAPE) of PHP29.495 billion for the second quarter of the year.
This reflects an increase of 9.6% compared to the same period in the previous year, where the premiums collected from new business stood at PHP26.906 billion.
According to the commission, this uptick in new business premiums can be primarily attributed to a surge in premium collection from conventional life insurance products. During the same quarter of 2023, premium collections from traditional life insurance products saw a robust year-on-year growth of 31.10%. However, premium collection from variable life insurance products experienced a decline of 13.58% year-on-year.
In terms of overall financial performance, the aggregated net income of life insurance companies during the second quarter amounted to PHP16.369 billion, marking a respectable increase of 2.58% when compared to the figures from the preceding year.
Elsewhere in the country, the Philippine Health Insurance Corporation (PhilHealth) has reassured its membership of over 100 million citizens that the a recent cyberattack has been contained.
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