Life Insurance companies exist to serve the public that’s why its operations is heavily regulated by a government agency – Insurance Commission (IC). Every year, Insurance Commission releases the statistics which reflect the performance of life insurance companies.
The 2017 performance has been released on its website recently andSun Life of Canada (Philippines), Inc. maintained its lead as the top insurance company in the Philippines, based on Premium Income and Net Income. Premium income pertains to the total revenue or all premiums paid by the policy holders. Sun Life has premium income of 32.1 billion pesos last year.
Sun Life Of Canada (Philippines), Inc. was founded in 1895 (company is already 123 years old). It is a subsidiary under Sun Life of Canada (Netherlands) and offers services a wide range of financial products: Insurance, wealth, and asset management. For the past seven years, it has maintained its spot as the no. 1 insurer based on premium Income.
Here is the complete list of Top 10 Life Insurance companies in the Philippines:
Aside from premium income, Insurance commission reports also the Net Income, Total assets and net worth of the Insurance Companies.
Based on net income or company’s total earnings or profit, Sun Life of Canada (Philippines) Inc. earns the top spot as well with 6.9 billion pesos, Philam Life is 2nd, Insular life ranks 3rd, Manulife on the 4th and AXA life on the 5th.
FWD Life takes the top spot based on Paid-Up capital, while Philam Life leads Networth and Assets.