Life insurance companies in the Philippines saw a 9.6 percent year-on-year increase in premium collections from new business during the second quarter of 2023, according to a report released by the Insurance Commission (IC).
These companies collectively collected P29.495 billion in premiums during this period, higher than the P26.91 billion collected in the same quarter last year.
IC said the growth in premium collections from new business could be primarily attributed to the increase in premium collection from traditional life insurance products.
Traditional plans reported a 31.1 percent year-on-year increase in premium collections during the second quarter of 2023, while collections from variable life insurance products dipped by 13.58 percent over the same period.
The report also delved into the financial performance of life insurance companies in the second quarter, indicating that their total net income amounted to P16.369 billion, marking a 2.58 percent increase compared to the previous year.