The Philippine insurance industry’s premium income rose by 12.81% year on year to PHP440.39bn (USD7.6bn) in 2024, driven by the life sector, the Insurance Commission said. Net income grew 15.88% to PHP56.29bn, while total assets reached PHP2.46tr. Life insurance premiums rose 13.56% to PHP352.02bn, with variable life policies accounting for 65.28%. Nonlife insurance net premiums written grew 10.49% to PHP71.84bn, led by motor car and fire insurance. Despite higher underwriting expenses, the sector remained stable. Mutual benefit associations posted a 7.49% rise in total contributions to PHP16.54bn. Insurance penetration edged up to 1.67% of GDP, while insurance density increased 12.58% to PHP3,892.77 per capita, reflecting stronger market expansion and investment growth.