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The Philippine insurance industry posted an 8.6% fall in net income to ₱41.24 billion ($858m) last year, down from ₱45.12 billion in 2019 according to the 2020 Industry Performance report released by the Insurance Commission.
Premium income of the insurance industry in 2020 rose marginally by 1.18% year-on-year to reach ₱308.25 billion.
Claims and benefit payments dropped by 12.38% to ₱98.49 billion last year compared to 2019.
SOURCE: Asian Insurance Review
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