The insurance industry posted 65.8 percent growth in net income during the third quarter, regulators said on Monday, driven by higher underwriting and investment profits.
Preliminary data based on quarterly reports submitted by both life and non-life insurance firms placed the industry’s net income at P20.41 billion as of the end of September, the Insurance Commission said, up 65.8 percent from a year earlier.
The combined premium production of the life and non-life insurance sectors climbed 29.75 percent to P172.40 billion, it said.
The insurance industry’s total investments registered P952.13 billion, up by 19.10 percent, it added.
The regulator also reported that the industry’s total assets increased to P1.09 trillion, up by 10.1 percent year on year. In terms of net worth, the industry posted a 6.05 percent increase to P195.39 billion.
In a breakdown, the regulator said the life insurance sector showed a strong performance during the quarter with a total net income of P16.79 billion, up by 57.21 percent.
The non-life sector, meanwhile, posted a 122.09-percent increase in net income to P3.62 billion.
Given the latest data, the commission said it optimistic that the industry would surpass its record premium production of P198.1 billion in 2013.
“The year 2015 promises to be the best year ever for the insurance industry in the Philippines,” Insurance Commissioner Emmanuel Dooc said.
Earlier this year, Dooc projected a combined premium income of P240 billion.
“Taking into account the industry’s consistent performance during the first three quarters, our target is still achievable if both the life and non-life sectors will have a strong finish during the fourth quarter but it will be a tall order,” he said.