Latest data released by the Insurance Commission (IC) showed that the net income of the industry went up compared to the revised P38.31 billion in the same period in 2023.
Insurance density, or the average spending of an individual on insurance, increased by 12.4 percent to P2,910 from P2,588.
Broken down, the nonlife insurance segment's net income improved by 17.2 percent to P6.41 billion from P5.47 billion a year ago.
Net premiums written, fire insurance, motor car, health, accident and aviation lines all posted improvements. Only the suretyship insurance line declined during the period.
Total premiums earned for the non-life segment went up by 10.3 percent to P49.02 billion from P44.46 billion in the comparable year-ago period.
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