The pre-need industry registered a 26.53-percent increase in net income in 2016 to P2.07 billion from P1.64 billion in 2015, driven by significant increases in net profit of six companies.
Insurance commissioner Dennis Funa said in a statement the net profit growth of the six insurance firms ranged from 51.86 percent to 895.69 percent.
The industry’s total premium, however, declined 1 percent to P16.29 billion from P16.36 billion in 2015.
The pre-need industry sold 697,869 plans with an equivalent of total contract price of P28.19 billion last year. This was an increase of less than one percent from the 694,163 plans sold in the same period in 2015.
Data showed while the sales of life plans rose 1.35 percent year-on-year to 680,649 plans in 2016 from 671,564 plans in 2015, the number of pension and educational plans fell 24.70 percent to 16,328 from 21,648, and 2.51 percent to 892 from 915, respectively.
The sector’s total assets rose 2.62 percent year-on-year to P120.10 billion from P117.01 billion.