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MANILA, Philippines—The pre-need trade’s web revenue rose 36.7 % to P2.1 billion in 2021, as each gross sales worth and quantity elevated.
The most recent Insurance coverage Fee (IC) information confirmed that the full backside line of the nation’s 12 pre-need gamers final 12 months climbed by over a 3rd from P1.5 billion in 2020.
Their mixed premium revenue grew 11.1 % to P19.8 billion from 2020’s P17.8 billion.
By way of variety of plans bought, the sector totaled 564,579 in 2021, up 49.2 % from 378,439 in 2020, as a leap in life plan gross sales offset the decline in pension plans.
Pre-need companies bought 563,186 life plans final 12 months, 49.6-percent larger than the 376,495 in 2020.
Then again, pre-need corporations’ pension plan gross sales dropped 28.3 % to 1,393 from 2020’s 1,944.
The IC information confirmed there was no training plan bought in 2021, not like in 2020 when trade gross sales reached 267.
Whole gross sales final 12 months, nonetheless, remained beneath the 925,370 plans bought in 2019, pre-pandemic.
Insurance coverage Commissioner Dennis Funa instructed the Inquirer final January that the extended COVID-19 pandemic could have elevated the attention for pre-need plans amongst customers who wished further safety.
In 2021, the trade hiked its complete property by 9.5 % to P111.6 billion in addition to pre-need reserves by 11.6 % to P89.9 billion. Nevertheless, their complete web value declined by 1.5 % to P17.8 billion final 12 months on account of a a lot bigger deficit in retained earnings, which amounted to P9.5 billion or 742.9-percent greater than in 2020. Liabilities additionally rose 11.8 % to P93.9 billion.
At its top, the pre-need sector had greater than 200 gamers till the 1997-1998 Asian monetary disaster hit a lot of them.
Pre-need companies additional dwindled throughout the mid-2000s, when widespread corporations like School Assurance Plan (CAP) and Pacific Plans Inc. collapsed, as they might now not service their obligations to plan holders.
TSB
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