How did the Philippines’ insurance market perform in Q1 2025?

The commission expects this momentum to continue through the year.

The Philippine insurance industry posted a strong first quarter in 2025 (Q1 2025), with both life and non-life segments reporting year-on-year (YoY) growth in total assets, net worth, and income, according to Insurance Commissioner Reynaldo Regalado.

Total assets of life insurers rose 3.58% YoY to $34.74b (₱1.93t) as of Q1 2025, driven by a 4.69% YoY increase in Traditional Invested Assets and a 2.26% YoY rise in Segregated Fund Assets. 

These two asset classes accounted for 39.37% and 55.52% of the sector’s total assets, respectively. 

Premium income surged 13.96% YoY to $1.79b (₱99.90b), bolstered by a 22.78% YoY rise in variable life premiums, offsetting a slight 0.93% YoY dip in traditional life premiums. 

The spike was largely driven by a 53.68% YoY increase in single premium payments for variable life policies. Variable products now account for 67.67% of total life premiums. 

New Business Annual Premium Equivalent (NBAPE) rose 12.92% to $339.48m (₱18.86b), while net income grew 12.22% YoY to $194.94m (₱10.83b). 

The increase was aided by a 7.24% drop in benefit payouts and a 15.18% rise in underwriting income, which offset a steep 45.97% drop in investment income.

Non-life insurers also posted healthy growth, with total assets increasing by 4.88% YoY to $6.87b (₱381.66b) as of Q1 2025. 

Net premiums written (NPW) climbed 19.35% YoY to $364.86m (₱20.27b). The motor car insurance line, the largest contributor with a 39.31% share, rose 11.10% YoY to $143.46m (₱7.97b).

Fire insurance premiums jumped 21.91% YoY to $68.58m (₱3.81b), with all business lines showing growth. 

Net income increased 14.63% YoY to $52.02m (₱2.89b), fueled by strong underwriting performance. 
Premiums earned rose $54.54m (₱3.03b) YoY, outpacing the $30.42m (₱1.69b) increase in losses incurred.

“Overall, the non-life insurance sector performed well as of the first quarter of 2025, marking a recovery from the downturn experienced in 2024. The rise in the key financial indicators, such as Total Assets, Total Net Worth, Total Premiums, and Total Net Income, reflected growth and stability,” said Commissioner Regalado. 

The commission expects this momentum to continue through the rest of the year.

($1.00 = ₱55.39)