Insurer profit down 8.6 percent in 2020 as pandemic hammers markets

MANILA, Philippines—The pandemic-induced recession that battered financial markets everywhere led to a drop in life insurers’ investment incomes and pulled down the entire domestic insurance industry’s bottom line by 8.6 percent to P41.2 billion in 2020. The latest Insurance Commission (IC) data showed that the total net income of 126 life and non-life insurance firms, […]