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:
|1||Sun Life of Canada (Philippines), lnc.|
|2||Pru Life lnsurance Corporation of U.K.|
|3||Philippine AXA Life lnsurance Corporation|
|4||Manufacturers Life lnsurance Company (Phils.), lnc., The|
|5||Philippine American Life and General lnsurance Company|
|6||BPI-Philam Life Assurance Corporation|
|7||BDO Life Assurance Company, lnc.|
|8||lnsular Life Assurance Company, Ltd., The|
|9||FWD Life lnsurance Corporation|
|10||Allianz PNB Life lnsurance, lnc.|
|11||United Coconut Planters Life Assurance Corporation|
|12||Manulife Chinabank Life Assurance Corporation|
|13||Sun Life Grepa Financial, lnc.|
|14||Beneficial Life lnsurance Company, lnc.|
|15||Fortune Life lnsurance Company, lnc.|
|16||Paramount Life & General lnsurance Corporation|
|17||Manila Bankers Life lnsurance Corporation|
|18||Caritas Life lnsurance Corporation|
|19||CLIMBS Life & General lnsurance Cooperative|
|20||Country Bankers Life lnsurance Corporation|
|21||East West Ageas Life lnsurance Corporation|
|22||Etiqa Life and GeneralAssurance Philippines, lnc.|
|23||First Life Financial Company, lnc.|
|24||Generali Life Assurance Philippines, lnc.|
|25||National Life lnsurance Company of the Philippines|
|26||Philam Equitable Life Assurance Company, lnc.|
|27||Philippine Life Financial Assurance Corporation|
|28||Philippines lnternational Life lnsurance Company, lnc.|
|29||Pioneer Life lnc.|
|30||Singapore Life (Philippines), lnc.|
|31||United Life Assurance Corporation|
|32||1 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.
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.
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.
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.