Insurance penetration in the Philippines climbed to 1.79% in the second quarter of 2025, up from 1.71% during the same period last year, the Insurance Commission (IC) reported. The metric, which measures insurance premiums as a share of gross domestic product, reflected strong growth in premium collections by insurers.
As of June 30, total premiums for both life and non-life insurance reached PHP242.84 billion, a 12.98% increase from the same six-month period in 2024. Life insurance premiums rose 12.01% to PHP195.05 billion, with variable life insurance products accounting for the majority. Premiums for general, or non-life, insurance climbed 20.48% to PHP39.63 billion. Contributions to mutual benefit associations (MBAs) also grew 3.09% to PHP8.16 billion.
Insurance density, or the average spending per individual on insurance, increased 12.07% to PHP2,137.32. Meanwhile, total benefit payments rose 1.18% to PHP77.57 billion from PHP76.67 billion, and the industry’s net income grew 3.62% year-on-year to PHP28.78 billion. Total invested assets expanded 10.70% to PHP2.26 trillion from PHP2.04 trillion over the same period.
