Philippine life insurers posted double-digit growth in premiums and benefits in the first half of 2026, strengthening the industry’s push to widen access to financial protection, savings, health, and investment products.
Total premium income reached P229.98 billion, up 17.9 percent from a year earlier, while benefits paid to policyholders and beneficiaries rose 19.5 percent to P69.2 billion, according to the Philippine Life Insurance Association (PLIA).
PLIA President Sjoerd Smeets said the industry’s performance provides a stronger base for developing more accessible products and expanding both traditional and digital distribution channels.
“The industry’s continued growth reflects the increasing recognition among Filipino families of the importance of financial protection, savings and long-term financial security,” Smeets said.
“More importantly, the P69.2 billion paid in benefits during the first half demonstrates how life insurance delivers on its promise when customers need it most,” he added.
The industry currently provides some form of insurance coverage to about 63.5 million Filipinos, equivalent to roughly 55 percent of the population, through individual and group programs.
Its distribution network includes 857 branches, more than 228,000 licensed financial advisers, and about 18,400 employees nationwide.
Insurance penetration also improved to 1.96 percent of gross domestic product from 1.79 percent a year earlier, indicating a larger contribution from the sector relative to the economy.
Meanwhile, life insurers’ invested assets exceeded P2 trillion, providing a substantial pool of long-term funds that can support investments in infrastructure, capital markets, and other areas of economic activity.
PLIA said the industry will build on its first-half performance by strengthening financial literacy, widening distribution channels, and developing products designed to make financial protection more accessible to Filipino households.
The growth comes as insurers seek to broaden their role beyond traditional life coverage, with demand increasingly spanning protection, health, savings, and long-term financial planning.
