The pre-need industry witnessed a 2.82% year-on-year growth in premium income at the end of June amid higher plan sales.
According to Insurance Commission (IC) data based on submissions from 13 licensed pre-requisite companies, the sector's premium income stood at P11.49 billion as of June, up from P11.17 billion in the same period last year.
Its combined net income rose 84.67% to P5.32 billion from P2.88 billion in the year-ago period, with only four companies reporting losses.
The number of plans sold by pre-need firms in the first six months increased by 29.47% to 424,467 from 327,841 last year.
Most of the plans sold were life policies, which increased 29.39% to 423,727.
Sales of pension plans increased by 117.41% year-on-year to 687, while sales of education plans increased by 47.22% to 53.
Meanwhile, IC data showed the industry's combined investment in trust funds rose 9.39% year-on-year to P145.61 billion.
Pre-need reserves, which include benefit obligations or payables mandated by the pre-need code, rose 2.97% to P128.99 billion in the period.
As a result, the gap between the joint trust fund and companies' pre-requirement reserves stood at a P16.61 billion surplus at the end of June, 112.13% higher than the P7.83 billion surplus a year earlier, the report showed.
The combined net worth of the pre-requisite industry increased by 26.81% to P31.58 billion from P24.9 billion.
This was due to a 54.25% increase in their retained earnings to P24.131 billion.
Meanwhile, the combined capital stock of pre-requisite companies fell 12.56% year-on-year to P3.5 billion, and other net worth accounts declined 24.85% to P3.95 billion.
The sector's total assets rose 7.23% to P168.36 billion as of June, from P157.02 billion a year earlier.
Total liabilities also increased by 3.53% to P136.78 billion from P132.11 billion.
The IC report revealed that St. Peter Life Plan, Inc. recorded the highest premium income in the period at P11.04 billion, followed by PhilPlans First, Inc. with P320.47 million, Cosmopolitan Climbs Life Plan, Inc. with P44.33 million, and GoldenFuture Life Plan, Inc. with P34.64 million.
In terms of sales, St. Peter Life Plan was also the top performer with 395,257 plans sold at a total contract value of P22.36 billion.
GoodLife Plans, Inc. ranked second with 12,341 plans sold at a contract price of P494.03 million. The top three included FreedomLife Plan Corp., which sold 12,242 plans with a total contract value of P448.8 million.
Finally, in terms of net income, St. Peter Life Plan ranked first with P4.69 billion, followed by PhilPlans with P801.11 million and GoldenFuture Life Plan, Inc. Ranked second with P15.33 million. , Aaron Michael C. Cy
