InLife, the Philippines first and largest local life insurance company, reported stronger financial performance in 2024 compared to 2023.
InLife President and CEO Raul Antonio E. Littaua said the parent company’s 2024 revenues, net income, and assets were driven by higher insurance revenues and stronger sales performance.
InLife parent company’s revenues climbed to PHP26.95bn ($483.3m) in 2024 from PHP24.82bn in 2023. Net income grew to PHP2.7bn last year from PHP2.64bn in 2023; while assets increased to PHP158.87bn last year from PHP153.54bn in 2023. New business premiums grew to PHP12.06bn last year from PHP10.05bn in 2023.
“At the backdrop of our solid financial position, InLife paid PHP10.5bn in total claims and benefits in 2024. This mirrors our commitment to our policyholders and their beneficiaries,” Mr Littaua said during InLife’s Annual Members’ Meeting.
InLife’s 2024 consolidated revenues, net income, and assets also increased compared to 2023. Revenues climbed to PHP27.04bn last year from PHP25.37bn in 2023; while net income increased to PHP2.78bn last year from PHP2.1bn in 2023. Assets grew to PHP158.89bn in 2024 from PHP153.54bn in 2023.