(Re)in Summary
- Life insurance premiums in the Philippines rose 17.91% year-on-year to PHP229.98bn (US$3.73bn) in H1 2026.
- Variable life insurance products were the biggest growth driver, though traditional life products also posted higher premiums.
- The industry’s net income increased 3.38% to PHP21.42bn during the first half of the year.
- Total assets exceeded PHP2 trillion for the first time, alongside growth in net worth and invested assets.
Life insurers in the Philippines grew premiums by nearly 18% in the first half of 2026 amid growing demand for both variable and traditional life insurance products, while the industry’s total assets crossed the PHP2 trillion (US$35.2bn) mark.
According to data released by the Insurance Commission on Monday, life insurers’ premiums rose 17.91% year-on-year to PHP229.98bn in H1 2026, from PHP195.05bn in the same period last year.
Variable unit-linked life insurance products remained the largest contributor to premium collections. Premiums from the products increased 14.79% to PHP150.03bn in H1 2026, compared with PHP130.70bn a year earlier, the data showed.
Traditional life insurance also recorded stronger growth, with premium collections climbing 24.24% year-on-year to PHP79.95bn, up from PHP64.35bn in H1 2025.
The industry’s profitability also improved with total net income rising by 3.38% to PHP21.42bn in the first half of 2026, from PHP20.72bn a year earlier.
The Commission also noted the sector’s gains in other key indicators, including total assets, net worth and invested assets, during the period. Total assets reached PHP2.170 trillion for the first time, up from PHP1.99 trillion in the previous year.
Benefit payments also increased 19.57% year-on-year to PHP69.21bn, from PHP57.88bn in H1 2025.
The Commission said the results underscore the sector’s resilience despite economic pressures earlier in the year.
“These figures indicate the continued stability and resilience of the life insurance industry. Despite the financial challenges encountered earlier this year, the industry demonstrated its capacity to withstand financial shocks while continuing to meet its obligations to policyholders and beneficiaries,” it said.
In 2025, the Philippines’ life business made up 80.77% of the industry’s total premiums of PHP499.23bn for the year as higher insurance penetration strengthened the sector’s balance sheet.
