{"id":51203,"date":"2015-06-03T17:27:44","date_gmt":"2015-06-03T09:27:44","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=51203"},"modified":"2015-06-03T17:27:44","modified_gmt":"2015-06-03T09:27:44","slug":"phl-insurance-industry-posts-32-52-net-income-hike-in-q1-15","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/06\/03\/phl-insurance-industry-posts-32-52-net-income-hike-in-q1-15\/","title":{"rendered":"PHL insurance industry posts 32.52% net income hike in Q1 ’15"},"content":{"rendered":"
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MANILA — The Philippines’ insurance industry posted a 32.52 percent year-on-year expansion in net income in the first quarter of 2015.<\/p>\n

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.<\/p>\n

Total assets grew by 14.55 percent to Php1.06 trillion from Php928.31 billion in end-March 2014.<\/p>\n

Total benefits paid amounted to Php19.91 billion, higher than the Php17.3 billion same period in 2014.<\/p>\n

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.<\/p>\n

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.<\/p>\n

These were previously at Php497.6 million and Php3.45 billion for the non-life and life sectors, respectively.<\/p>\n

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.<\/p>\n

Relatively, Dooc disclosed that another major insurance player overseas has indicated strong interest to operate a life insurance business in the Philippines.<\/p>\n

He declined to identify the insurance company except for saying that it is part of a largest conglomerate in its country.<\/p>\n

He has met with the said company’s investment banker twice, he said.<\/p>\n

“They favour acquisition as their mode of entry because they want to hit the ground running,” he added.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA — The Philippines’ insurance industry posted a 32.52 percent year-on-year expansion in net income in the first quarter of …<\/p>\n","protected":false},"author":44,"featured_media":51204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19,95],"tags":[],"class_list":["post-51203","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","category-news-ph","mauthors-joann-santiago","mauthors-philippines-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/51203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=51203"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/51203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/51204"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=51203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=51203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=51203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}