MANILA — The Philippines’ insurance industry posted a 32.52 percent year-on-year expansion in net income in the first quarter of 2015.
Insurance Commission (IC) preliminary data showed that the industry’s net income as of end-March 2015 amounted to Php5.23 billion, up from the Php3.95 billion same period last year.
Total assets grew by 14.55 percent to Php1.06 trillion from Php928.31 billion in end-March 2014.
Total benefits paid amounted to Php19.91 billion, higher than the Php17.3 billion same period in 2014.
In particular, the life insurance industry posted the higher increase in total net income at 70.26 percent against the 27.07 percent registered by the life insurance sector.
However, in terms of peso value the non-life sector’s income amounted to Php847.2 million, way lower than the Php4.38 billion of the life sector.
These were previously at Php497.6 million and Php3.45 billion for the non-life and life sectors, respectively.
IC Commissioner Emmanuel Dooc, in a briefing Tuesday, expressed hope for the continued expansion of the insurance industry to be able to cover more Filipinos.
Relatively, Dooc disclosed that another major insurance player overseas has indicated strong interest to operate a life insurance business in the Philippines.
He declined to identify the insurance company except for saying that it is part of a largest conglomerate in its country.
He has met with the said company’s investment banker twice, he said.
“They favour acquisition as their mode of entry because they want to hit the ground running,” he added.
Dooc also did not give a timeline on when the said insurance company plans to start its local operation saying it continues to study its options.