The Philippine insurance industry posted steady growth in the first quarter of 2026, with higher premium collections and benefit payments reflecting continued demand for insurance products despite economic challenges.
Premium and Benefit Growth
Preliminary data from the Insurance Commission (IC) showed total premiums rose 13.2 percent to P140.85 billion in Q1 2026 from P124.48 billion a year earlier. Benefit payments also increased 11.3 percent to P43.44 billion from P39.01 billion in the same period last year.
Asset Expansion
The industry’s total assets expanded to P2.65 trillion as of end-March 2026 from P2.48 trillion a year ago, while invested assets climbed to P2.37 trillion from P2.19 trillion. The IC said the increase in benefit payments highlighted the sector’s capacity to settle claims and provide financial support to policyholders and beneficiaries.
Net Income and Penetration
Net income, however, slipped by 1.75 percent during the quarter, which the regulator attributed mainly to higher benefit payouts. Insurance penetration, or the ratio of insurance premiums to gross domestic product, improved to 2.03 percent, while insurance density, which measures average insurance spending per individual, increased to P1,231.61.
“Amid prevailing economic challenges, the insurance industry remains firmly positioned to meet policyholder needs and deliver on its commitments with stability and resilience,” Insurance Commissioner Reynaldo A. Regalado said in a statement.
