Insurance sector posts 65.8% profit growth in Q3

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.