Top 10 Life Insurance Companies in the Philippines 2020

Sun Life is the top life insurer in 2020 for the 9th consecutive time

UPDATED: April 30, 2021

The Insurance Commission (IC) has released the top 10 life insurance companies in the Philippines in 2019. But among the seven categories, only one of them is widely used. It is not just in the Philippines, but the entire life insurance industry in the world, and that’s “Premium Income.”

Premium Income is the revenue that an insurer receives as premiums paid by its customers for insurance products. When a customer purchases an insurance product, such as a health insurance policy, the customer’s cost for a specified term of the policy is called the premium. (Investopedia)

READ MORE: Top Life Insurer | Premium Income Vs. Consolidated Report

Sun Life Remains the Top Life Insurance Company

Sun Life is hailed as the number one insurer of 2019 based on the latest performance of life insurance companies in the premium income. It is the 9th consecutive time that Sun Life managed to top the premium income category both in traditional (whole Life, term, and endowment) and variable plans.

Top 10 Life Insurance Companies in the Philippines 2020

So why is it important to be the number one (or to be included in the top 10) insurance company?

Because it serves as a validation that companies like Sun Life can still fulfill its promise to their clients.

Remember that life insurance is an aleatory contract or a contract of promise that when a specified event occurs like death, then the insurer will have to pay the promised amount. Of course, you want your family to get the benefits by the time it happens to you, right?

Sun Life’s Life Insurance Plans

The standing of an insurance company is a critical consideration before availing of any insurance plan. However, this shouldn’t be the sole basis for getting a plan, but you must also consider convenience, customer service, and of course, a reputable and trusted Financial Advisor.

Sun Maxilink Prime from Sun Life

If you are looking for income protection with a wealth accumulation plan, then a VUL plan is something you should consider. VUL plan is designed to give you financial security and peace of mind while growing your money over time. You may request a quotation and financial consultation by following the link below.

READ: Sun Maxilink Prime | Best-Selling VUL Plan of Sun Life

If you want a cheaper VUL from Sun Life, then you can follow the link below. It has better life insurance coverage than Sun Maxilink Prime but a lesser investment fund.

READ: Sun Maxilink 100 | New and Affordable VUL Plan from Sun Life


Top 10 Life Insurance Companies in the Philippines 2020

Let’s get to know more about the other life insurance companies that you may also consider. These companies are not just well-known brands but have the mission of protecting every family’s dream.

So here are the top 10 life insurance companies in the Philippines 2020:

1. Sun Life of Canada (Philippines) Inc.

Sun Life was officially founded in 1895, making it the first and the oldest life insurance company in the country. On the other hand, it is the ability to fulfill its promises to its clients has made Sun Life as the preferred life insurance company in most households. As a result, it has sustained its position as the top life insurance company for the 9th consecutive time.

READ: Sun Life | Death Claim Released in Less Than 2 Hours

Sun Life also paid a total of Php 4.7 Billion in claims and maturities in 2019. Above all, it serves as the fulfillment of their promise to clients.

2. Pru Life Insurance Corp. of UK.

The company started in 1996 or 24 years in the life insurance industry in the Philippines. The company displayed an outstanding growth of 22% versus 2018, thus, it ranks 2nd.

Despite being relatively new, Pru Life UK advances by two spots to the 2nd place for this year compared to last year being at the 4th place.

3. Philippine AXA Life Insurance, Corp.

AXA Philippines was only established in 1999 in the Philippines but has shown immense growth and market penetration thanks to its bancassurance business. It is a joint venture between AXA Group and Metrobank Group.

However, it declined by almost 11% in premium income for 2019 versus 2018. Thus, it drops to 3rd place from being the 2nd placer last year.

4. Manulife Philippines

Manufacturers Life Ins. Co. (Phils.) or just Manulife is a wholly-owned subsidiary of The Manufacturers Life Insurance Company. It was established in 1907, making it one of the oldest insurance companies in the Philippines.

In particular, Manulife has shown a double-digit growth of almost 12% in premium income. It managed to advance the 4th place from 6th place last year.

5. BPI-Philam Life Assurance Corp., Inc.

It was previously known as Ayala Life Assurance Incorporated, founded in 1933. It is the country’s top bancassurance, as a result, due to the strategic alliance between BPI and Philam Life.

READ MORE: 5 Easy Steps to Achieve Financial Freedom

6. Philippine American Life & Gen. Ins. Co.

Philam Life was founded in 1947 by Cornelius Vander Starr and partner Earl Carrol. Certainly, their incredible partnership has made Philam Life the number 1 life insurance company in 2 years in the business.

The company declines to the 6th spot from being in 3rd place in 2018. It is due to the decreased premium income of 25.6% versus last year.

7. BDO Life Assurance Co. Inc.

It is founded in 1999 as a joint venture between Generali Pilipinas Holdings Company Inc. (GPHC) and BDO. Meanwhile, Generali is renamed BDO Life Assurance Co. Inc.

8. Insular Life Assurance Company, Ltd.

Insular Life is the first Filipino-owned life insurance company in the Philippines founded in 1910. It is a mutual company, similarly, being held by its policyholders.

9. FWD Life Insurance Corporation

FWD Life Insurance Corporation or simply FWD Life was launched in 2014 in the Philippines. But currently, the company is now in 9th place in terms of premium income.

10. Allianz PNB Life Insurance, Inc.

Allianz PNB Life was founded in 2001, operating as a subsidiary of Alliance SE. Previously, the company ranks 9th but this year it declined to 10th place.

Top 10 Life Insurance Companies in the Philippines (NBAPE) 2020

Certainly, more clients mean generating more income that can be used for business expansion and payment of claims. It may also lower administrative and insurance charges, thus, more allocation in the investment fund of your VUL plan or dividends for a traditional plan.

Top 10 Life Insurance Companies in the Philippines

Furthermore, Sun Life dominated this category with Php 9.6 billion worth of new business premium. In addition, the company showed double-digit growth of almost 17% in this category. So here are the top 10 life insurance companies in the Philippines 2020:

  1. Sun Life of Canada (Philippines), Inc.
  2. Pru Life Insurance Corporation of the UK
  3. AXA Life Insurance Corporation
  4. Manufacturers Life Insurance Corporation Inc.
  5. BPI-Philam Life Assurance Corporation Inc.
  6. BDO Life Assurance Corporation
  7. Philippine American Life & General Insurance Corporation
  8. FWD Life Insurance Corporation
  9. United Coconut Planters Life Assurance Corporation
  10. Insular Life Assurance Corporation

Also, you may refer to the table below for a more comprehensive look at the performance of each life insurance company for the year 2020.

Insurance Company


  Sun Life of Canada (Philippines), Inc  P9,613,968,994
  Pru Life Insurance Corp. of U.K.  P7,670,306,621
  Philippine AXA Life Insurance. Corp  P5,497,228,940
  Manufacturers Life Ins. Co. (Phils.), Inc., The  P4,358,045,029
  BPI Philam Life Assurance Corp., Inc.  P3,903,271,770
  BDO Life Assurance Company, Inc.  P3,676,916,026
  Philippine American Life & Gen. Ins. Co.  P3,475,138,508
  FWD Life Insurance Corp.  P2,936,592,061
  United Coconut Planters Life Assce. Corp  P2,175,946,553
  Insular Life Assce. Co., Ltd., The  P1,913,216,661

Top 10 Life Insurance Companies in the Philippines Based on Net Income 2020

In a nutshell, net income is the total profit of a company after subtracting all the expenses in operating a business. Meanwhile, Sun Life was able to claim the number 1 spot, and Philam Life comes to ranks 2nd.

Insurance Company

Net Income

  Sun Life of Canada (Philippines), Inc.  P8,210,981,224
  Philippine American Life & Gen. Ins. Co.  P7,665,044,618
  PRU Life Insurance Corporation of U.K.  P4,395,140,002
  Philippine Axa Life Insurance Corporation  P3,388,641,553
  Insular Life Assurance Company, Limited, The  P2,940,203,812
  Manufacturers Life Insurance Company (Phils.), Inc.  P2,787,913,240
  BDO Life Assurance Company, Inc.  P2,225,365,775
  BPI-Philam Life Assurance Corporation  P1,175,442,370
  Sun Life GREPA Financial, Inc.  P845,855,710
  United Coconut Planters Life Assurance Corporation  P719,536,317

Top 10 Life Insurance Companies in the Philippines Based on Assets 2020

Firstly, an asset is anything expected to bring future benefits by generating cash flow, reducing expenses, increasing sales, etc.  Philam Life has once again dominated this category having Php 290.2 billion assets. After that, it is followed by Sun Life with Php 254.5 billion.

Insurance Company


  Philippine American Life & Gen. Ins. Co.  P290,159,607,279
  Sun Life of Canada (Philippines), Inc.  P254,515,246,721
  Insular Life Assce. Co., LTD., The  P133,015,929,505
  Philippine AXA Life Insurance, Corp.  P127,551,783,462
  Manufacturers Life Insurance Company (Phils.), Inc.,  P114,899,552,272
  BPI-Philam Life Assurance Corporation  P108,825,947,777
  PRU Life Insurance Corporation of U.K.  P106,222,905,282
  BDO Life Assurance Company, Inc  P56,516,354,142
  Sun Life Grepa Financial, Inc.  P47,877,407,168
  Manulife Chinabank Life Assurance Corporation  P39,335,482,553

Top 10 Life Insurance Companies in the Philippines Based on Net Worth 2020

To sum up, Philam Life bagged the number 1 spot in the net worth category or the amount by which the assets exceed its liabilities. On the other hand, Sun Life and Insular Life come in the 2nd and 3rd spots, respectively. Meanwhile, Coco Life has dropped from the 8th place coming from 5th last year.

Insurance Company

Net Worth

  Philippine American Life & Gen. Ins.Co.  P87,684,334,099
  Sun Life of Canada (Philippines), Inc.  P38,002,386,250
  Insular Life Assurance Company, Limited, The  P33,572,950,760
  Manufacturers Life Ins. Co. (Phils.), Inc., The  P16,141,908,184
  BDO Life Assurance Company, Inc  P9,007,078,835
  Philippine Axa Life Insurance Corporation  P8,285,050,497
  BPI-Philam Life Assurance Corporation  P7,940,134,280
  United Coconut Planters Life Assurance Corporation  P4,970,389,867
  PRU Life Insurance Corporation of U.K.  P4,642,466,688
  Sun Life GREPA Financial, Inc.  P4,573,781,673

READ MORE: Sun Maxilink Prime | 3 Easy Steps to Secure Your Future


27 thoughts on “Top 10 Life Insurance Companies in the Philippines 2020

  1. Hi Sir Fed,
    Gusto ko sanang mag avail ng life insurance and retirement,anu po ba ang magandang insurances company?thank you

  2. Hi Federico, I would like to ask what is the best life plan insurance..esp. in terms of savings and investment? Thanks 🙂

  3. Hi Federico. I am just recently interested in investment insurance and sign a package.
    With the above figures, it makes me like wanting to withdraw and enrolled to Sun Life of Canada (Philippines), Inc.

    Would that be a wise decision?

    1. Hi Lecia. If it’s still under the cooling-off period, 15 days from receiving your insurance contract, you may surrender it and the insurance company will return your payment in full. However, I still think that you should continue your plan for the following reasons: good financial standing, excellent client service, and fast claiming history.

      Should you still want to consider Sun Life please do shoot me an email? I would like to extend my help in securing your financial future. Thank you 🙂

    1. Hi Jefferson. Buying an insurance plan is part of personal finance; it’s personal. So it will depend on you what are your financial goals and needs. But to answer your question, currently, I have 6 insurance plans, which is a combination of VUL plans and traditional plans. Thanks 🙂

  4. Hi Sir Fed,

    I just want to share something! I want to share this so that people would be educated and be warned of my bad experience. Hoping that many would learn from this. I started at 13 years old, quite young? As usual, investment was my priority! I was with mom, heading to a bank. ?? Sad REALITY! We were pressured sell by the advisor, we did not fully understand the proposal. That was 12k quarterly. Then insurance looked bad for me after that. I was the insured, then mom was the beneficiary. And the only benefit there was Death. Sad, the investment was at lost because of the charges, I have that VUL for more than 10 years already. The loss would have been okay, as long as the benefits are great, but they aren’t. If it was a pure investment, there should have been growing. I did the calculations.

    I was shown the returns. Even though they were non-guaranteed pala yun. I didn’t know that back then. ?

    Paid it all. It shouldn’t have been insurance because it ain’t have any coverage for protection, but it was the bad experience that I mostly remember. I was wrong also in my part for saying yes.

    I am now a married and Licensed Finacial Consultant of PRU LIFE. Being an adviser myself, I have realized the wrong that was done to us. When mom returns here in the Philippines, I’m going to show her a proposal because it is really a blessing when the proposal is related to the goals.

    So I bought mine as well as for my wife! We are now financially secure as well as our savings. And my mind changed regarding insurance, it’s actually good, well because I was the one who planned for it for my family. We still don’t have children but time will come that their faces will smile because of our sacrifices.

    So you must choose an honest and trustworthy adviser. And never be afraid to say ‘NO’ when you think you’re being FOOLED.

    1. Hi Claude. It’s very unfortunate that you experienced that before. Maybe the plan that was offered to your mom is not in line with her expectations (and needs). I guess it’s the root cause of why you felt scammed. I want to disagree but most financial advisors are only trained to sell products. That’s why as a client, you must really find someone that can add value to you through proper financial planning with your best interest above all.

      The lessons you would want to share here are:
      1. Learn your options
      -study the plan first before you commit especially knowing that it is a long term plan.
      2. Do your homework
      -ask some questions relevant to you.
      3. Choose your advisor wisely
      -your advisor will either make your life easy or a nightmare. So pick an advisor you can trust, rely on, and go with this life long journey.

      Thanks for sharing your story and I hope more will learn from this 🙂

  5. Hi Sir Federico. I was wondering if you can make a review on the best insurance company based on their products. It may be tedious but it would really help a lot of people decide where to go based on advisor quality, affordability, coverage, return, and the company service. Thank you for this, btw. One more thing, I’d like to clarify why Sun Life is the top insurance company if Philam Life is #1 in numbers that matter?

    1. Hi Dior. I will consider this but on the other side, clients must do their due diligence of meeting a professional in the field. Even if we write it down nothing will beat if you meet an advisor personally.

      Sun Life is the number 1 insurance company in Premium Income which is used globally to measure leadership. Hence, Sun Life is the top life insurance company. This is important to measure because it is the total money coming in the company for the year and the more comes in means the company has a sustainable business.

      Thanks 🙂

      1. Hi Federico. I’m new to this topic and planning to get one while I’m still young. I’m having a consultation in PRU Life UK but after reading this article, I’m thinking if I should go for PRU Life or find a good SunLife financial advisor. What do you think?

        1. Hi Ann. It’s good to know that you are serious about getting insured. Well, if you still wish to get opinion from other insurance companies then why not. It’s about your future after all. But if the plan presented to you already answers your needs and financial requirements then I think you should go with it.
          Just let me know if I could be of help to you. Here’s my FB account. Thanks 🙂

        1. Hi Cristopher. You are right, Sun Life is really established in 1865 but it was in Canada. While Sun Life of Canada (Philippines), Inc. was established in the Philippines in 1895. Next year, the company will celebrate its 125th year in the country. Thanks 🙂

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