THE LIFE insurance industry covered more than half of the Philippine population as of the first half, driven by its growing branch and agency network. The Philippine Life Insurance Association, Inc. (PLIA) said in a statement that the sector now covers 63.5 million Filipinos, equivalent to around 55% of the country’s population. This was supported by a nationwide distribution network consisting of 857 branch offices, more than 228,000 licensed financial advisors, and approximately 18,400 employees serving policyholders throughout the country. This also comes after the industry recorded higher premium income and benefit payments during the period. “The industry’s continued growth reflects the increasing recognition among Filipino families of the importance of financial protection, savings and long-term financial security. 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,” said Sjoerd Smeets, PLIA president and East West Ageas Life Insurance Corp. president and chief executive officer. Benefits paid out to policyholders and beneficiaries during the first half represented a 19.57% year-on-year increase, latest Insurance Commission data showed. Meanwhile, premium income was up 17.91% to P229.98 billion as of end-June, driven mainly by variable life products. Total invested assets also rose by 8.77% year on year to P2.1 trillion. PLIA said this reinforced the sector’s position as one of the country’s major institutional investors and contributors to long-term capital market development. “The industry’s growing asset base enables life insurers to channel long-term funds into investments that support economic growth, infrastructure development, and financial market sta
Published Sep 19, 2026 · 4:15 PMOriginal source: BusinessWorld18 reads
THE LIFE insurance industry covered more than half of the Philippine population as of the first half, driven by its growing branch and agency network. The Philippine Life Insurance Association, Inc. (PLIA) said in a statement that the sector now covers 63.5 million Filipinos, equivalent to around 55% of the country’s population. This was supported by a nationwide distribution network consisting of 857 branch offices, more than 228,000 licensed financial advisors, and approximately 18,400 employees serving policyholders throughout the country. This also comes after the industry recorded higher premium income and benefit payments during the period. “The industry’s continued growth reflects the increasing recognition among Filipino families of the importance of financial protection, savings and long-term financial security. 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,” said Sjoerd Smeets, PLIA president and East West Ageas Life Insurance Corp. president and chief executive officer. Benefits paid out to policyholders and beneficiaries during the first half represented a 19.57% year-on-year increase, latest Insurance Commission data showed. Meanwhile, premium income was up 17.91% to P229.98 billion as of end-June, driven mainly by variable life products. Total invested assets also rose by 8.77% year on year to P2.1 trillion. PLIA said this reinforced the sector’s position as one of the country’s major institutional investors and contributors to long-term capital market development. “The industry’s growing asset base enables life insurers to channel long-term funds into investments that support economic growth, infrastructure development, and financial market stability,” the group said. PLIA said it will continue to expand both traditional and digital distribution channels, strengthen financial literacy initiatives, and promote greater financial inclusion across the country as it looks to ensure financial security while contributing to economic progress. “The life insurance industry remains committed to developing accessible and value-driven protection, health, savings, and investment solutions that address the evolving needs of Filipino families.” PLIA’s membership is comprised of all 32 life insurers in the Philippines. — Aaron Michael C. Sy
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