The Philippine non-life insurance industry posted total net premiums written of PHP39.63 billion during the first half of 2025 (H1 2025), up 20.48% compared with PHP32.89 billion in H1 2024, according to the Insurance Commission (IC).
Total claims paid increased by 32.67% to PHP15.69 billion.
Motor car insurance remained the largest contributor to non-life premiums, representing 40.52% of total net premiums written. Premiums in this segment rose by 16.20%, from PHP13.82 billion to PHP16.06 billion.
Financial indicators for the sector also improved. Total assets reached PHP377.21 billion, a 5.72% increase from H1 2024, while liabilities rose 3.93% to PHP239.25 billion.
Net worth grew 8.98% to PHP137.97 billion, and invested assets rose by 5.54% to PHP184.51 billion.
Research from GlobalData forecasts that the Philippine general insurance market will continue expanding, with gross written premiums projected to reach PHP229.7 billion (US$3.9 billion) by 2029 from PHP153.8 billion (US$2.7 billion) in 2025.
The analysis cites frequent natural disasters, increasing adoption of digital platforms, and the introduction of parametric insurance products as factors supporting the market’s growth.
Health maintenance organizations (HMOs) paid out PHP36.29 billion in healthcare benefits during the first half of 2025, a 19.63% increase from PHP30.33 billion in the same period last year.
Total expenses, including taxes, rose 19.53% to PHP45.56 billion, with healthcare benefits accounting for nearly 80% of costs.
The IC highlighted that higher claim payouts did not prevent the sector from remaining profitable.
HMOs reported total revenues of PHP47.03 billion, and net income reached PHP1.47 billion, more than double the PHP636.6 million recorded in H1 2024.
Total assets expanded by 21.14% to PHP83.91 billion, and liabilities grew 23.88% to PHP72.25 billion.
Invested assets fell 13.15% to PHP18.23 billion, largely due to the maturity of cash equivalents.
Life insurers collected PHP195.05 billion in premiums in the first half of 2025, marking a 12.01% increase from PHP174.14 billion in H1 2024.
Variable unit life (VUL) policies accounted for PHP130.70 billion, up 15.47% from the previous year, while traditional life insurance premiums totalled PHP64.35 billion, a 5.59% increase.
The IC attributed the rise in VUL premiums to a 37.33% growth in single premiums. New Business Annual Premium Equivalent (NBAPE) also increased by 11.29%.
Total net income for the life insurance sector reached PHP20.72 billion, up 4.05% year-on-year.
Total assets approached PHP2 trillion, while invested assets rose 11.89% to PHP1.93 trillion.
