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Philippines: Insurance industry's net income down 13.45% in 2014 second quarter

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The Philippines' insurance industry registered a 13.45% year-on-year decline in net income to 8.18 billion Philippine pesos ($187.3 million) for the April to June 2014 period, data from the Insurance Commission showed.

Total assets of the industry climbed 14.53% to PHP 951.7 billion ($21.7 billion), InterAksyon reported.

Profitability for the nonlife segment fell 36.84% to PHP 1.289 billion ($29.5 million).

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