The high domestic interest rate environment in the Philippines will keep insurers' investment yields strong as companies reinvest their assets into higher yielding fixed-income instruments upon maturity, according to AM Best.
The insurance industry saw its net income soar by 45% to more than PHP14.29bn ($246m) in the first quarter of this year, compared to PHP9.86bn in the corresponding quarter in 2023, according to data from the Insurance Commission (IC).
Insurance industry doyen and a founding editor of Asia Insurance Review Reynaldo de Dios passed away on 5 May 2024. He was 96 and had played an integral role in the insurance sector for 75 years.
Triple P Capital, leading a group of investors, has completed the acquisition of an 85% stake in MAA General Assurance Philippines (MAAGAP) from MAA Group.
Microinsurance premium contributions grew by 17.35% to PHP13.54bn ($237m) in 2023, according to data released by the Insurance Commission.
The Insurance Commission (IC) and the Integrated Bar of the Philippines (IBP), the national organisation of lawyers, have signed an agreement to provide free legal assistance to the insuring public.
All insurance companies licensed to sell life insurance products in the Philippines are now required to establish and maintain a publicly available register of Licensed lnsurance Agents, says the Insurance Commission (IC) in a circular to life insurers.
The Insurance Commission (IC) has announced that the net income of the insurance industry, comprising life and non-life insurance companies and mutual benefit associations (MBAs), reached PHP48.46bn ($848m) in 2023, 3.8% higher than the PHP46.69bn chalked up in 2022.
The AIA Group has launched "AIA CAN: An Eco-Office Movement" (AIA CAN) - a large-scale, multi-year programme that seeks to empower over 25,000 employees across 18 markets to adopt environmentally conscious mindsets, attitudes and behaviours to create more sustainable workplaces and a healthier planet.
Digital insurer Singlife Philippines has secured funding of PHP600m ($10.67m) from its parent and majority shareholder, Singapore Life Holdings (Singlife or the Group).