Philippine life insurance premiums rise 12% to $3.51b in H1 2025

It was mainly driven by a 15.47% increase in variable unit-linked premiums.

Life insurance premium collections in the Philippines rose 12% in the first half of 2025 to $3.51b (₱195.05b), from $3.13b (₱174.14b) a year earlier, according to the Philippines’ Insurance Commission (IC).

The growth was mainly driven by a 15.47% increase in variable unit-linked (VUL) policy premiums, which reached $2.35b (₱130.70b) and accounted for 67% of total premiums. 

Single premiums for VUL policies surged 37.33%, offsetting a 7.09% decline in first-year premiums. 

Traditional life premiums, which made up the remaining 33% of the market, grew 5.59% on strong first-year and renewal premium sales.

The industry’s new business annual premium equivalent (NBAPE) climbed 11.29% year-on-year to $666.2m (₱37.01b). 

Total net income for the life insurance sector rose 4.05% to $373m (₱20.72b).

Total assets of the industry increased 7.74% to nearly $36.0b (₱2t), while net worth grew 8.77% to $5.18b (₱287.72b). 

Paid-up capital and invested assets also rose 8.40% and 11.89% respectively.

($1.00 = ₱57.11)