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Philippines pre-need industry quadruples net income in H1

The pre-need industry witnessed a notable surge in its net income, increasing four-fold to nearly PHP2bn (USD35m) in the first half of the year, according to a report by the Insurance Commission (IC). The net income rose to PHP1.89bn in the January-June period, up from PHP437.2m during the same timeframe last year. This growth is attributed to a nearly 10% rise in premium income, amounting to PHP11.21bn, following a 28% uptick in total plans sold, totaling 419,044. A significant 99% of these were life plans, which also saw a 28% increase in sales. However, pension plans sales decreased by 47%, and education plans sales declined by 66%. The industry's asset base grew to PHP148.8bn, with the net worth increasing by 40% to PHP22.67bn.


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