The Philippine insurance industry reported robust performance in 2024, with double-digit growth across key metrics, according to year-end data from the Department of Finance (DOF).

Benefit payouts rose 18.97% to P160.33 billion ($2.86 billion), driven by an increase in claims. Net income climbed 15.88% to P56.29 billion (US$1 billion), marking the third consecutive year of profit growth. Premium collections grew 12.81% to P440.38 billion ($7.85 billion), surpassing last year’s growth rate.

“The insurance industry has remained a strong, resilient, and dependable sector that safeguards the well-being of Filipinos,” the DOF stated on social media, highlighting the sector’s vital role in the country’s financial system.

The sector’s total invested assets reached P2.2 trillion ($39.2 billion), while net assets grew to P2.46 trillion ($43.9 billion). Insurance density, a key indicator of market penetration, rose to P3,892.77 ($69.40).

Insurance penetration as a percentage of gross domestic product (GDP) increased to 1.67% from 1.61%, and the number of licensed insurers grew to 137 from 136.

Industry analysts attribute the growth to economic recovery and increased consumer awareness, particularly following recent natural disasters, reinforcing its importance in the country’s financial services landscape.