THE INSURANCE industry saw its premium income rise by 13.25% year on year to P372.08 billion as of end-September, driven by the life insurance sector.
This was about P50 billion higher than the total premiums booked by life and nonlife insurance companies and mutual benefit associations (MBAs) in the same period in 2024, the Insurance Commission (IC) said in a statement on Wednesday.
“Consolidated data from licensed insurance companies and MBAs reflect the robust performance of the industry,” it said.
Broken down, premiums paid for life insurance products increased by 13.77% year on year to P299.45 billion in the first nine months of 2025 from P263.21 billion in the same period last year.
“Both traditional and variable life insurance continued to be the main drivers of premium growth, increasing by 9.7% and 16%, respectively,” the IC said.
Meanwhile, nonlife insurers’ premiums climbed by 13.07% to P60.07 billion at end-September from P53.13 billion a year ago.
Total contributions collected by MBAs also went up by 2.86% year on year to P12.57 billion.
Insurance penetration, or the contribution of insurance premiums to gross domestic product, went up to 1.85% as of September from 1.74% in the same period last year, which the industry regulator said was driven by the in-crease in premiums.
Insurance density, or the average spending of each individual on insurance, rose by 12.3% to P3,267.91 per capita from P2,910.10 a year prior, it said.
“This strong increase was fueled by a rise in total premiums that outpaced the population growth rate of 0.85%,” the IC added.
Meanwhile, the combined assets of the insurance industry expanded by 4.72% to P2.62 billion at end-September from P2.5 billion the previous year.
Invested assets grew by 2.91% to P2.32 trillion from P2.26 trillion.
The insurance sector’s total net worth climbed by 8.49% year on year to P525.97 billion as of September.
“The accelerating growth in total premiums and other key statistical indicators underscores not only the increasing trust and recognition of the vital role insurance plays in economic resilience, but also, the stronger awareness among Filipinos on the value of financial protection,” Insurance Commissioner Reynaldo A. Regalado said. — A.M.C. Sy