Knowing the importance of having a life insurance, you decide on getting a policy. The question now is, which life insurance company to partner with? Which is the best insurer?
The 2019 performance has been released by Insurance Commission and Sun 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 39.5 billion pesos last 2019.
Sun Life Of Canada (Philippines), Inc. was founded in 1895 (company is already 125 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 nine 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 based on Premium Income:
|Insurance Company||Premium Income|
|1.||Sun Life of Canada (Phils.) Inc.||P39,513,806,284|
|2.||PRU Life Insurance Corporation of U.K.||26,965,125,719|
|3.||Philippine Axa Life Insurance Corporation||26,236,763,146|
|4.||Manufacturers Life Insurance Company (Phils.), Inc., The||18,346,405,023|
|5.||BPI-Philam Life Assurance Corporation||17,236,004,380|
|6.||Philippine American Life & Gen. Ins. Co.||16,636,434,473|
|7.||BDO Life Assurance Company Inc.||14,875,396,349|
|8.||Insular Life Assurance Company, Limited, The||12,674,304,438|
|9.||FWD Life Insurance Corporation||9,521,266,364|
|10.||Allianz PNB Life Insurance, Inc.||9,444,335,690|
Aside from premium income, Insurance commission reports also the Net Income, Total assets, net worth and New Business Annual Premium Equivalent (NBAPE) 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 8.2 billion pesos, Philam Life is 2nd, PRU life ranks 3rd, AXA on the 4th and Insular life on the 5th.
Philam Life leads in net worth with 87.7 billion pesos, followed by Sun Life at 2nd and Insular Life at 3rd. The same are company rankings in terms of asset where Philam Life is top 1 with 290 billion pesos, Sun Life comes in 2nd and Insular life comes in 3rd.
In terms of New Business Annual Premium Equivalent (NBAPE), Sun Life leads with 9.6 billion pesos followed by PRU Life UK at 2nd and AXA life at 3rd rank.
Here is the complete report from Insurance Commission based on the 5 criteria: