The Philippine insurance industry experienced robust growth in the first quarter of 2025, with both life and non-life insurers reporting increases in total assets, net worth, and income. According to Insurance Commissioner Reynaldo Regalado, the industry’s strong performance is expected to continue throughout the year.
Life Insurance Segment
Life insurers saw their total assets rise by 3.58% year-on-year (YoY) to $34.74 billion (₱1.93 trillion) as of Q1 2025. This growth was primarily driven by a 4.69% YoY increase in Traditional Invested Assets and a 2.26% YoY rise in Segregated Fund Assets, which accounted for 39.37% and 55.52% of the sector’s total assets, respectively. Premium income surged 13.96% YoY to $1.79 billion (₱99.90 billion), largely due to a 53.68% YoY increase in single premium payments for variable life policies. As a result, variable products now account for 67.67% of total life premiums. The New Business Annual Premium Equivalent (NBAPE) rose 12.92% to $339.48 million (₱18.86 billion), while net income grew 12.22% YoY to $194.94 million (₱10.83 billion).
Non-Life Insurance Segment
Non-life insurers also reported healthy growth, with total assets increasing by 4.88% YoY to $6.87 billion (₱381.66 billion) as of Q1 2025. Net premiums written (NPW) climbed 19.35% YoY to $364.86 million (₱20.27 billion), driven by strong performance across various business lines. The motor car insurance line, the largest contributor with a 39.31% share, rose 11.10% YoY to $143.46 million (₱7.97 billion). Fire insurance premiums jumped 21.91% YoY to $68.58 million (₱3.81 billion), with all business lines showing growth. Net income increased 14.63% YoY to $52.02 million (₱2.89 billion), fueled by strong underwriting performance.
Commissioner Regalado noted that the non-life insurance sector performed well in Q1 2025, marking a recovery from the downturn experienced in 2024. The commission expects this momentum to continue through the rest of the year.
The strong performance of the Philippine insurance industry in Q1 2025 reflects the sector’s resilience and growth potential. As the industry continues to expand, it is likely to play an increasingly important role in the country’s financial landscape.
