The Philippine life insurance industry extended its coverage to more than half of the country's population in the first half of the year, a milestone the sector attributes to its growing branch and agency network.

The Philippine Life Insurance Association, Inc. (PLIA), the trade association representing the country's life insurance sector, said in a statement that the sector now covers 63.5 million Filipinos, equivalent to around 55% of the country's population.

That reach is supported by a nationwide distribution network of 857 branch offices, more than 228,000 licensed financial advisors, and approximately 18,400 employees serving policyholders throughout the country.

The wider coverage came after the industry recorded higher premium income and benefit payments during the period. Premium income rose 17.91% to P229.98 billion as of end-June, driven mainly by variable life products — policies that combine insurance protection with an investment component — while benefits paid out to policyholders and beneficiaries climbed 19.57% year on year to P69.2 billion, according to the latest data from the Insurance Commission, the government agency that regulates the Philippine insurance industry. Total invested assets also grew 8.77% year on year to P2.1 trillion.

"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 the president and chief executive officer of East West Ageas Life Insurance Corp.

PLIA said the growth in invested assets reinforces the sector's position as one of the country's major institutional investors and a contributor 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.

Looking ahead, the association 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 works to safeguard financial security while contributing to economic progress. The roughly 45% of the population not yet covered remains the sector's expansion gap as those distribution and financial literacy efforts move forward.

"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 comprises all 32 life insurers operating in the Philippines.

— Aaron Michael C. Sy

Source: BusinessWorld — https://bworldonline.com/editors-picks/2026/09/18/778202/life-insurers-cover-more-than-50-of-filipinos/