Manila: Variable universal life (VUL) insurance products continued to hold the larger share of premium collections in the first six months of 2026, but traditional life insurance products posted a larger jump. Data released by the Insurance Commission (IC) on Monday showed PHP229.98 billion premium collections in the first half of 2026, up by 17.91 percent against year-ago's PHP195.05 billion.

According to Philippines News Agency, of the total, VUL premiums rose 14.79 percent to PHP150.03 billion from last year's PHP130.7 billion. Total premiums from traditional life insurance products increased 24.25 percent to PHP79.95 billion, from PHP64.35 million a year ago. The insurance industry booked a total net income of PHP21.42 billion in the first six months this year, up 3.42 percent from the PHP20.72 billion during the same period in 2025.

Total assets reached PHP2.17 trillion, up annually by 8.77 percent against the nearly PHP2 trillion in end-June 2025. Benefit payments jumped 19.57 percent to PHP69.21 billion from year-ago's PHP57.88 billion. "These figures indicate the continued stability and resilience of the life insurance industry," the IC said in a news release. "Despite the financial challenges encountered earlier this year, the industry demonstrated its capacity to withstand financial shocks while it continues to meet its obligations to policyholders and beneficiaries."