THE insurance industry reported net income of P23.67 billion in 2015, up by 44.23 percent from 2014, the Insurance Commission (IC) said.
The bulk of the income came from the life insurance sector which posted a P20.38-billion income for the year, representing growth of 45.51 percent over 2014 when the industry reported net income of only P14.01 billion.
The nonlife insurance sector posted a net income of P3.28 billion, up by 36.78 percent from its net income in 2014, which amounted to only P2.4 billion.
Insurance Commissioner Emmanuel F. Dooc said the insurance industry’s net income could have been larger were it not for the drop in income from equity investments of insurance companies in the fourth quarter last year, when the stock market turned bearish due to record-low oil prices and the outmigration of hot money due to an interest rate increase in the United States.
Seven life insurance companies breached the P1-billion mark in terms of net income in 2015, namely, Philam Life and General Insurance Co. (P7.51 billion in net income); Manufacturers Life Insurance Co. (Phils.) Inc. (P4.26 billion); Pru Life Insurance Corp. (P1.83 billion); Insular Life Assurance Co., Ltd. (P1.52 billion); Philippine AXA Life Insurance Corp. (P1.4 billion); BPI-Philam Life Assurance Corp. (P1.26 billion); and Generali Pilipinas Life Assurance Corp. (P1.1 billion).
In the nonlife sector, the top 5 companies in terms of net income were: Pioneer Insurance & Surety Corp. (P701 million in net income); BPI/MS Insurance Corp. (P421 million); Malayan Insurance Co. Inc. (P296 million); AIG Phil. Insurance Co. (P211 million; and New India
Assurance Co. Ltd. (P190 million).
Dooc also said that in terms of total assets, the insurance sector was second only to the banks which has significantly more than P1 trillion in assets.
The insurers’ assets breached the P1-trillion mark in 2014.
At the end of 2015, the total assets of the insurance industry amounted to P1.12 trillion, up 10.12 percent from total assets in 2014 amounting only to P1.02 trillion.
The life insurance sector’s total assets accounted for the bulk, with P955.24 billion in total assets.
Only three life insurance companies breached the P100-billion mark in total assets, namely, Philam Life & General Insurance Co. (P188 billion in assets); Sun Life of Canada (Philippines) (P180 billion); and Insular Life Assurance Co. Ltd. (P105 billion).
The nonlife insurance sector’s total assets amounted to P151 billion as of end-2015 with the following companies leading in terms of total assets: Pioneer Insurance (P21 billion); Malayan Insurance (P16 billion); and BPI/MS Insurance Corp. (P9billion).
2 comments
according to IC, last year’s net income was 17,939,606,239. If the net income of 2015 was 20,383,898,083…. then the growth has to be 13,63%
The 20b net income was only from that of life insurance. The 3b balance belongs to the non-life insurance.