Stay updated with breaking news from Pre Need Code. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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 Insurance Commission (IC) gave pre-need companies more options on where to invest their trust funds. Insurance Commissioner Dennis B. Funa signed Circular Letter 2022-37, amending the guidelines on allowable investments for pre-need trust funds. The updated list of allowable investment outlets for pre-need companies includes: Real Estate Investments Trust…
THE Insurance Commission (IC) gave pre-need companies a wider berth in the use of their respective trust fund for investments. Through its issuance of Circular Letter 2022-25 signed by IC chief Dennis B. Funa, the regulator mandated an additional 2-percent increase in the investment threshold allocation of pre-need companies “to…