Gross premiums collected by insurance firms and mutual benefit associations (MBAs) rose 28.71% year-on-year in the third quarter, according to the Insurance Commission (IC).
Premiums totaled P278.66 billion in the three months to September.
The life insurance sector had net premiums of P230.61 billion, up 33% from a year earlier.
“Variable and Traditional life premiums grew by 40.41% and 11.87%, respectively. The increase can be attributed to the good performance showed by the single premiums of variable life insurance that reported a significant increase of 126.83%,” Insurance Commissioner Dennis B. Funa said in a statement.
MBA premiums amounted to P9.9 billion in the three months to September, up 35% from a year earlier.
Non-life premiums increased 7.57% year-on-year to P38.15 billion.
The combined net profit of insurers and MBAs rose 31.04% to P37.5 billion in the third quarter.
Aggregate investment rose 14% to P1.78 trillion.
The results were based on data submitted by 128 out of 135 licensed insurers and MBAs during the quarter, the IC said. — Luz Wendy T. Noble