Although the industry remains somewhat crowded and highly competitive, a recent push for consolidation, including ongoing hikes in capital requirements, should keep the sector on a strong upwards trajectory in 2015 and beyond. The industry stayed resilient despite the destruction caused by Typhoon Haiyan in November 2013, with double-digit increases in investments and assets in 2014. While the life segment continues to drive growth, the non-life segment holds considerable potential. Meanwhile the industry remains open to foreign investment, despite a high tax burden and rising capital requirements. Recently enacted legislation, though painful for some smaller players, should improve industry stability and spur consolidation in 2015, keeping the industry on a steady long-term growth path.
This chapter contains an interview with Peter G Coyiuto, President & CEO, First Life Financial Company