Pre-need industry income down in Q1 philstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philstar.com Daily Mail and Mail on Sunday newspapers.
The earnings of the pre-need industry dropped almost 90 percent in 2022, with its bottom line falling below P500 million even amid an increase in the number of life plans sold, the Insurance Commission said.
The pre-need industry incurred a net loss of P7.11 billion as of the third quarter of 2022, as 75 percent of firms reported declines during the period, the Insurance Commission said.
The pre-need industry’s income rose by 31 percent to P1.33 billion in the first semester amid higher life plans sold, according to the Insurance Commission.
The earnings of the pre-need industry jumped 36.8 percent to hit P2.12 billion last year from P1.55 billion in 2020 on the back of the the 50-percent increase in the number of life plans sold, data from the Insurance Commission showed.