Pre-need firms posted P831.54-million net loss in Q1

MANILA -- The ailing pre-need sector suffered a net loss of P831.54 million in the first quarter, reversing the profit posted in 2016, the latest Insurance Commission data showed. Total industry bottom line swung to a loss even as pre-need firms' total premium income from January to March rose 6.1 percent to P4.09 billion from P3.855 billion a year ago. The number of plans sold during the first three months increased by a mere 0.06 percent from 183,729 a year ago to 183,837, of which 180,148 were life plans, 3,511 were pension plans and 178 were education plans. Preliminary Insurance Commission data showed that of the 19 licensed pre-need companies, nine posted net losses at...Keep on reading: Pre-need firms posted P831.54-million net loss in Q1

Disclaimer : Mytimesnow (MTN) lets you explore worldwide viral news just by analyzing social media trends. Tap read more at source for full news. The inclusion of any links does not necessarily imply any endorsement of the views expressed within them.