Life insurance premium collections in the Philippines rose 17.91% year-on-year to PHP229.98bn ($3.73bn) in the second quarter of 2026, according to the Insurance Commission.
The increase was driven largely by variable life insurance products, with life insurers accounting for the largest share of the country’s total insurance premium collections during the quarter, reported Manila Standard.
Combined premiums collected by life and non-life insurers and mutual benefit associations reached PHP282.91bn, up 16.24% from PHP243.39bn a year earlier.
Non-life insurers recorded a 9.96% increase in premium collections to PHP44.19bn, while contributions to mutual benefit associations rose 7.06% to PHP8.73bn.
The increase in premiums was accompanied by higher benefit payments. Total benefits paid across the insurance industry rose 16.69% year-on-year to PHP90.87bn.
Insurance density, which measures average insurance spending per person, also increased 15.24% to PHP2,468.63, while total industry assets reached PHP2.76tn.
The Insurance Commission said the higher premium collections and other industry indicators reflected growing awareness of financial protection and greater insurance adoption in the Philippines.