NON-life insurance companies in the Philippines saw their combined net income surge by over two-fifths in the first half of the year, even with higher claims to cover property losses or damages, the Insurance Commission (IC) reported.
The non-life insurance industry’s net income jumped by 43.78 percent to P7.37 billion in the first six months of the year from P5.12 billion in the same period last year.
The growth came alongside the increase in both premiums and claims. Total net premiums written rose by 9.96 percent to P44.19 billion in the first half from P40.18 billion a year ago, IC data revealed.
Motor car insurance accounted for the largest share of net premiums written by line of business at P17.59 billion during the first half of the year.
Total premiums earned also posted a 13.29-percent year-on-year increase, up to P42.54 billion from P37.55 billion.
Meanwhile, total claims paid by non-life insurers grew by 9.48 percent to P17.51 billion from P15.99 billion a year earlier.
‘The non-life insurance industry maintained its growth in H1 2026, recording improvements across all key indicators and demonstrating prudent fund management and sustained business growth,’ the IC said in a statement last Wednesday.
Total assets of the non-life insurance industry also surpassed the P400-billion mark in the first half, up by 6.63 percent to P405.28 billion from P380.07 billion in the same period last year.
Total liabilities also grew moderately by 5.60 percent year-on-year to P253.78 billion in the first semester from P240.32 billion.
The industry’s total net worth stood at P151.49 billion in the first half, 8.41 percent higher than the P139.74 billion recorded a year ago.
‘These positive indicators affirm the industry’s capacity to support policyholders and contribute to the continued stability and development of the non-life insurance sector,’ the IC said.