PH Life Insurance Pays Almost 70 Billion in Benefits; Industry Grows Close to 18% in First Half of 2026

MANILA, Philippines – The Philippine life insurance industry recorded strong growth in the first half of 2026, with total premium income reaching ₱229.98 billion, up 17.9% from the same period last year. At the same time, life insurers paid a total of ₱69.2 billion in benefits to policyholders and beneficiaries, representing a 19.5% increase year-on-year.

“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 ₱69.2 billion paid in benefits during the first half demonstrates how life insurance delivers on its promise when customers need it most,” said Sjoerd Smeets, President of the Philippine Life Insurance Association (PLIA).

Protecting More Filipino Families

The life insurance industry continues to expand its reach across the country. Through individual and group insurance programs, the sector now provides some form of insurance coverage to approximately 63.5 million Filipinos, equivalent to around 55% of the country’s population. This reach is 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 Philippines.

Contributing to Economic Development

Beyond providing financial protection, the life insurance sector continues to play a significant role in supporting national economic development. Industry invested assets exceeded ₱2 trillion during the period, reinforcing 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.

Improving Financial Inclusion

Insurance penetration, measured as total insurance premiums relative to the country’s GDP, improved to 1.96% from 1.79% a year ago. This indicates a growing appreciation among Filipinos of the role insurance plays in building financial resilience and protecting families against life’s uncertainties.

Looking Ahead

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. The sector will continue expanding both traditional and digital distribution channels, strengthening financial literacy initiatives, and promoting greater financial inclusion across the country.

As more Filipinos recognize the value of financial protection and long-term planning, the industry remains focused on helping families achieve greater financial security while contributing to the nation’s economic progress.

The Philippine Life Insurance Association (PLIA) is the umbrella organization of life insurance companies operating in the Philippines. Its members account for virtually the entire life insurance market and are committed to promoting financial security and inclusion for Filipino families.