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Philippines' pre-need sector witnesses robust growth in 2023

The Philippine pre-need industry’s net income soared nearly five-fold to PHP2.09bn (USD38m) in 2023 from PHP429.6m in 2022, driven by a modest increase in life plan sales, the Insurance Commission (IC) reports. Total premiums reached PHP22.73bn, a 7.3% rise, with 749,154 pre-need plans sold in 2023. Life plans, making up 99% of sales, showed a slight uptick in demand. Investments in trust funds and pre-need reserves also grew by 7.4% and 7.5%, respectively, pushing the industry’s asset base up by 8% to PHP152.34bn. The sector, now comprising 18 firms, witnessed a notable performance by St. Peter Life Plan Inc., leading in sales and profitability. Despite the growth, pension and education plan sales declined, with only PhilPlans First Inc. offering these products last year.


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