Philippines Insurance Report - Business Monitor International - Industry Reports

Philippines Insurance Report

Philippines Insurance Report - Business Monitor International - Industry Reports
Philippines Insurance Report
Published Sep 24, 2016
56 pages — Published Sep 24, 2016
Price US$ 1,295.00  |  Buy this Report Now

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The latest news flow from the Philippines life segment has been favourable. Thanks to strong sales of variable life products, premiums rose by nearly -- in local currency terms through ----. ...Over recent months, the leading life insurers have enjoyed good profit growth thanks to higher premiums and improved investment income. This growth has been significantly due to initiatives of the leading life insurers, many of whom - such as Sun Life - have confirmed strong rises in premiums generated through ---- relative to ----. Manulife (in its deal with BDO Broker) has announced a new distribution partnership. Pru Life UK (the local arm of Prudential plc) has expanded its branch network in Southern Luzon. New product offerings include PhilamLife s Vitality life insurance, which rewards the policyholder for healthy living through lower premiums (and which is available through AIA s subsidiaries in Singapore and Australia and Manulife Affluence Builder Plus, a new investment-linked policy).

...As the economy continues to expand, growing by around - a year, consumer spending, particularly among middle-class households, should drive spending on non-essential items such as insurance products. The expansion of the segment is being underpinned by the steady expansion in the number of households with annual incomes of USD--,--- or over. ...Growth of life coverage is also being supported by new distribution channels such as online selling. As well as online selling, so-called bancassurance partnerships between multinational insurers and foreign banking groups allow life insurance products to be sold from bank branches throughout the country. This follows a recent revision of the rules set by the Philippines Central Bank (Bangko Sentral ng Pilipinas), which enables insurers to expand their services through this channel. We forecast life insurance premiums to grow by an annual average of around - through the forecast period.

...The latest results indicate that the leading life companies have been enjoying profitable growth, in part because of improved investment income relative to ---- and early ----. Various drivers should support the continued expansion of the life segment. ...

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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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Business Monitor International - Industry Reports. "Philippines Insurance Report" Sep 24, 2016. Alacra Store. Oct 24, 2016. <>
Business Monitor International - Industry Reports. (2016). Philippines Insurance Report Sep 24, 2016. New York, NY: Alacra Store. Retrieved Oct 24, 2016 from <>
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