THE Philippines’ insurance industry recorded a net income of P39.928 billion, driven by the non-life sector, as of the third quarter of 2024.
Latest data from the Insurance Commission showed that the total net income of life and non-life insurance companies and mutual benefit associations from January to September 2024 represented a 4.23-percent increase from the P38.307-billion figure recorded in the same nine-month period of 2023.
Losses incurred, however, amounted to P21.845 billion, or 19.20 percent higher than the P18.326 billion recorded a year ago. However, invested assets of life insurance companies increased by 15.01 percent to P1.929 trillion from last year’s P1.677 trillion. Total invested assets of MBAs reached P148.095 billion, 13.22 percent higher than the P130.802 billion it invested a year ago.
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