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HomeSportsPre-need gross sales jumped by practically half at finish of September 2021

Pre-need gross sales jumped by practically half at finish of September 2021


MANILA, Philippines—Pre-need corporations swung to profitability as of end-September 2021, reversing 2020’s pandemic-induced losses, as gross sales of life plans jumped by virtually half year-on-year.

The newest Insurance coverage Fee (IC) knowledge on Monday (Jan. 10) confirmed that 12 licensed pre-need gamers posted a complete internet revenue of P369.2 million through the first 9 months of final yr. In 2020, the sector recorded an end-September internet lack of P2.3 billion.

The improved nine-month backside line being sustained because the second quarter of 2021 got here on the again of the 47.5-percent bounce in variety of plans that pre-need firms offered, to 414,496 in 2021 from 281,055 in 2020.

Gross sales of life plans alone climbed by a quicker 47.9 % to 413,487 through the nine-month interval of 2021 from 279,659 in 2020.

Pension plans, nonetheless, noticed end-September 2021 gross sales dip by 27.7 % to 1,009 from 2020s 1,396.

Looked for remark, Insurance coverage Commissioner Dennis Funa stated: “I feel the numbers are simply going again to the pre-pandemic figures.”

As regulator, Funa stated “the IC doesn’t have data relating to market desire or demand.”

“Nevertheless, we noticed that the variety of plans offered as of the third quarter of 2021 was nonetheless low in comparison with 2019,” the IC chief stated.

IC knowledge confirmed that from January to September 2019, pre-need gross sales reached 687,236 plans.

“Accordingly, the market could be going again to its pre-pandemic state. Nonetheless, there certainly could also be elevated consciousness of such plans due to the pandemic,” Funa stated.

TSB

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