(Lifted from the Insurance Commission Report)

The non-life insurance sector’s Total Assets reached ₱363.08 billion in Q3 2024, increasing by 1.93%, as compared with ₱356.20 billion reported in Q3 2023. This growth was largely driven by a 2.07% rise in Invested Assets, which amounted to ₱178.30 billion. 

The assets of the top ten (10) non-life companies accounted for 56.37% of the Total Assets. Meanwhile, Total Liabilities grew by 1.28% from ₱231.53 billion in Q3 2023 to ₱234.49 billion in Q3 2024. This was primarily due to the 14.32% growth in Premium Liabilities, amounting to ₱7.78 billion. Claims Liabilities, which comprise 42.05% of the Total Liabilities, decreased by 1.11%, falling from ₱99.70 billion to ₱98.60 billion, year-onyear. 

“Reduction in claims liabilities is a positive sign, suggesting effective risk mitigation and claims management,” said Commissioner Regalado. The sector’s Total Net Worth registered at ₱128.59 billion in Q3 2024, up from ₱124.66 billion in Q3 2023, increasing by 3.15%. This was brought about by a significant 17.04% boost in Retained Earnings, which rose by ₱6.74 billion from ₱39.52 billion as of Q3 2023 to ₱46.26 billion as of Q3 2024.

Please see the industry performance here in the full report: https://www.insurance.gov.ph/wp-content/uploads/2024/11/Press-Release-19-November-2024.pdf