PH insurance posts 76.5% profit growthThe Philippine insurance industry posted a 76.5 percent increase in net income in the first-semester of the year to P19.17 billion from P10.86 billion in the period last year. In a statement, Insurance Commissioner Emmanuel F. Dooc said that in terms of net income, the life sector fared better than the non-life sector. As of the end June this year, the asset base of the insurance industry reached P1.29 trillion from P1.07 trillion in same period last year. In particular, there was a significant drop in the premium production in variable life insurance products of the major players in the life insurance sector,” he added. Despite the dip in the premium income of the industry, Dooc is “very optimistic” that the premium income of the industry players will post a growth by the end of the year.

Source: Manila Bulletin August 25, 2016 14:26 UTC