List of Life Insurance Companies in the Philippines – 2020

Choosing a legit and reputable company is one of the important things to consider in buying a life insurance policy. As a client, it would help to check if the company who is offering you a policy is licensed by the Insurance Commission to offer life insurance products. Insurance Commission is the governing body that regulates the insurance industry in the Philippines.

Here is the complete list of life insurance companies in the Philippines with valid and existing license to operate as of February 2020:

1Sun Life of Canada (Philippines), lnc.
2Pru Life lnsurance Corporation of U.K.
3Philippine AXA Life lnsurance Corporation
4Manufacturers Life lnsurance Company (Phils.), lnc., The
5Philippine American Life and General lnsurance Company
6BPI-Philam Life Assurance Corporation
7BDO Life Assurance Company, lnc.
8lnsular Life Assurance Company, Ltd., The
9FWD Life lnsurance Corporation
10Allianz PNB Life lnsurance, lnc.
11United Coconut Planters Life Assurance Corporation
12Manulife Chinabank Life Assurance Corporation
13Sun Life Grepa Financial, lnc.
14Beneficial Life lnsurance Company, lnc.
15Fortune Life lnsurance Company, lnc.
16Paramount Life & General lnsurance Corporation
17Manila Bankers Life lnsurance Corporation
18Caritas Life lnsurance Corporation
19CLIMBS Life & General lnsurance Cooperative
20Country Bankers Life lnsurance Corporation
21East West Ageas Life lnsurance Corporation
22Etiqa Life and GeneralAssurance Philippines, lnc.
23First Life Financial Company, lnc.
24Generali Life Assurance Philippines, lnc.
25National Life lnsurance Company of the Philippines
26Philam Equitable Life Assurance Company, lnc.
27Philippine Life Financial Assurance Corporation
28Philippines lnternational Life lnsurance Company, lnc.
29Pioneer Life lnc.
30Singapore Life (Philippines), lnc.
31United Life Assurance Corporation
321 Cooperative lnsurance System of the Philippines

Below are the information on the first 15 life insurance companies from our list:

1. Sun Life of Canada (Phils.) Inc.

Sun Life is founded in 1895, making it the first and oldest life insurance company in the Philippines. In 2019 financial reports by Insurance Commission, Sun Life is the no. 1 insurer for being top 1 in premium income for the 9th consecutive time.

2. Pru Life UK

Established in 1996, Pru Life UK is a subsidiary of Prudential plc, a British multinational life insurance and financial services company headquartered in London, United Kingdom. The company is the pioneer in offering investment-linked life insurance products or VUL which is the more popular type of insurance in the country.

3. Philippine AXA Life lnsurance Corporation

Established in 1999, AXA Philippines is a joint venture between the AXA Group, headquartered in France, GT Capital Holdings, Inc., and Metropolitan Bank and Trust Company (Metrobank). The company is one of the first to introduce bancassurance operations in the country, and is among the pioneers in the investment-linked insurance sector.

4. Manulife Philippines

Manulife Philippines was incorporated as “The Manufacturers Life Insurance (Phils.) Inc” in 1907.  It is a subsidiary of Manulife Financial based in Canada, one of the largest insurance companies in the world.

5. Philam Life

The Philippine American Life and General Insurance Company, also commonly known by its trade name, Philam Life is currently the largest life insurance company in the Philippines in terms of assets, net worth, investment and paid-up capital. The company was founded in 1947 by Cornelius Vander Starr, the founder of American International Group, Inc. (AIG), and his partner Earl Carroll. 

6. BPI-Philam Life

Established in 2009, BPI-Philam Life is joint venture between Philam Life and Bank of the Philippine Islands (BPI). The company is the bancassurance arm of AIA (largest public listed pan-Asian life insurance group) in the Philippines.

7. BDO Life

BDO Life Assurance Co. Inc. was previously called Generali Pilipinas Life Assurance Company (GPLAC), a subsidiary of  Generali Pilipinas Holdings Company Inc. (GPHC), before BDO acquired full control of the latter in 2016. GPHC was initially created out of the insurance partnership forged between BDO and Generali in 1999.

8. Insular Life

Established on 1910 in Manila, Insular Life is the first and largest Filipino life insurance company. It is also the only mutual life insurance company in the country.

9. FWD Life

In 2014, FWD Life Insurance Corporation started its commercial operations in the Philippines. In 4 years, the company already became the highest Paid-Up Capital among life insurers in the Philippines with PhP 2.3 billion.

10. Allianz PNB Life

Allianz PNB Life began its operations in the Philippines in 2001. It is formed by exclusive distribution partnership between Allianz Group, a global financial services provider and the Philippine National Bank (PNB), the country’s 4th largest commercial bank.

11. Cocolife

United Coconut Planters Life Assurance Corporation, most commonly known as Cocolife is the biggest Filipino-owned stock life insurance company. It is also the first ISO-certified Filipino life insurance company.

12. MCBLife

Manulife China Bank Life Assurance Corporation or MCBLife was formed by the alliance between Manulife Philippines and China Bank in 2007. The company’s insurance products and services are offered through China Bank’s branches in the Philippines.

13. Sun Life Grepa

Sun Life Grepa Financial, Inc. (Sun Life Grepa) is a joint venture between the Yuchengco Group of Companies (YGC) and Sun Life Financial Philippines (Sun Life).  It is formerly known as Grepalife Financial established in 1954. Grepalife Financial was the first local insurance firm to pioneer the installment life concept, group credit, and pre-need company.

14. BenLife

Established in 1960, Beneficial Life Insurance Company, Inc. (BenLife) is a wholly Filipino-owned life insurance company. It’s parent company, Beneficial Financial Group is based in Utah, United States

15. Fortune Life

Fortune Life Insurance Co., Inc. was established in 1984 in the Philippines. It is a Filipino-owned life insurance company. Fortune Life belongs to the ALC Group of Companies, founded by Antonio L. Cabangon-Chua, who was one of the Philippines’ wealthiest businessmen.

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