Life insurance premium collections in the Philippines grew 12% in the first half of 2025, reaching $3.51 billion (₱195.05 billion), up from $3.13 billion (₱174.14 billion) during the same period in 2024, according to the Philippines’ Insurance Commission (IC).
Growth Driven by Variable Unit-Linked Policies
The increase was largely fueled by a 15.47% rise in variable unit-linked (VUL) premiums, which totaled $2.35 billion (₱130.70 billion) and represented 67% of the total life insurance market. Single premiums for VUL policies surged 37.33%, compensating for a 7.09% decline in first-year premiums.
Meanwhile, traditional life insurance premiums, comprising the remaining 33% of the market, posted a 5.59% growth, supported by robust first-year and renewal premium sales.
Strong Performance in New Business and Earnings
The industry’s new business annual premium equivalent (NBAPE) rose 11.29% year-on-year to $666.2 million (₱37.01 billion). Total net income for the life insurance sector climbed 4.05% to $373 million (₱20.72 billion), reflecting steady profitability amid market expansion.
Expanding Assets and Capital
The total assets of the Philippine life insurance industry grew 7.74% to nearly $36.0 billion (₱2 trillion), while net worth increased 8.77% to $5.18 billion (₱287.72 billion). Paid-up capital and invested assets also strengthened, rising 8.40% and 11.89%, respectively, signaling continued confidence and financial stability in the sector.
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