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BMI View: We remain upbeat about the prospects for the Philippines' insurance sector. Both major
segments should benefit from the steady rises in household income and economic activity generally. In both
cases, premiums will be boosted by the development and distribution of innovative products. This quarter
we are revising our projections for the life segment upwards, to take account of the strong (and likely
persistent) demand for variable life products. In the non-life segment, we have taken a significantly more
conservative view of the prospects for property insurance. Nevertheless, we remain confident that the nonlife
segment as a whole will achieve solid growth through the forecast period.
Key Updates And Forecasts
? The latest results indicate that the leading life companies have been enjoying profitable growth, in part
because of improved investment income relative to 2014 and early 2015. Various drivers should support
the continued expansion of the life segment. These include growth in the number and wealth
of households that can afford life insurance. In the meantime, life insurers themselves will continue to
exploit strengths such as brand names, multi-channel distribution strategies, ease of access to the capital
that they need and product innovation know-how.