Friday, April 20, 2018

Philippine firms continue net income growth

A rise in underwriting and investment income helped Philippine insurers achieve a net income of P27.86 billion (US$552 million) in the third quarter, data from the Insurance Commission showed.

The preliminary data revealed that the insurance industry posted a 21.9% increase in net income at end-September, as compared to P22.85 billion during the same period last year.

Life and nonlife players, as well as the mutual benefit association sector, continued to report good financial performance and remained in sound financial condition based on the latest data.

Insurance commissioner Dennis Funa noted that even if the nonlife-insurance sector saw a 20.87% decline in its total net income for the quarter, the life-insurance sector showed robust performance with a total net income of P21.96 billion, up 31.93% compared to the same period last year.


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