Philippine life insurers lift premiums 15% as density hits record

Per capita insurance spending reached $70.15 in 2025 from $62.30 a year earlier.

The Philippine life insurance industry experienced steady growth in 2025, as overall insurance penetration rate rose to 1.78% in 2025 from 1.67% the previous year, with the life insurance sector accounting for 1.44% of that total.

Insurance density also reached a record high of $70.15 (P4,384.56) per capita, up from $62.30 (P3,894.03) in 2024, according to data released by the Insurance Commission.

Total assets for the life insurance sector grew by 8.54% to $33.4b (P2.09t), up from $30.9b (P1.93t) in 2024. 

Although total liabilities increased by 8.19%, the overall insurance industry's net worth rose by 10.58% to $5.0b (P310.72b), compared to $4.5b (P280.99b) the year before.

Net income for the sector reached $741.1m (P46.32b), representing a 15.11% increase from the $643.8m (P40.24b) recorded at the end of 2024. Total premiums collected across the entire insurance industry reached $8.0b (P499.23b) in 2025.

The life insurance sector generated 80.77% of this total, with its premiums rising 14.54% to $6.5b (P403.21b) from $5.6b (P352.02b) in 2024.

Additionally, life insurance firms paid out $2.0b (P121.88b) in benefits over the course of the year.

Insurance Commissioner Reynaldo A. Regalado stated that the growth in premiums and net worth provides the industry with positive momentum moving into 2026.

He added that the commission aims to use financial literacy and regulatory oversight to expand insurance access across the country.

($1.00 = P61.34)