MANILA – Insurance commissioner Dennis Funa is optimistic of the steady growth of premium income this year, citing that domestic fundamentals remain strong despite external challenges.
“Barring international issues, I continue to be confident about the performance of the industry because the domestic fundamentals are undisturbed, are okay,” he said Tuesday.
Funa said the insurance industry has sustained growth in the past three years amid the strength of the domestic industry.
“There’s no factor that will push me to say that there’s going to be a reversal,” he added.
Data released by the Insurance Commission on Tuesday showed that premium income grew by 2.77 percent in the third quarter of 2019 to P224.97 billion from the previous year’s P218.91 billion.
The jump in premium income was traced to increased number of variable life insurance products, which at the end of the third quarter this year pushed income to P172.05 billion.
Net premium income of the non-life sector during the same period amounted to P44.02 billion.
In terms of assets, the life sector registered P1.39 trillion as of end-September 2019, while it is P248.99 billion for the non-life sector.
The pre-need industry is also growing, with assets rising by 3.70 percent to P127.62 billion in the third quarter last year from P123.07 billion during the same period the previous year.
The health maintenance organization registered an uptick in total assets after revenues reached P36.76 billion, higher by 8.64 percent from P33.83 billion in the third quarter of 2018. (PNA)
