The Top 10 Life Insurance Companies in the Philippines 2019

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top insurance companies in the philippines 2019Sun Life of Canada (Philippines), Inc. is the top life insurer in the country for the 8th consecutive time. The company leads the top 10 life insurance companies in the Philippines in 2019. This is based on premium income or the total premium collected in 2018. Premium income is used worldwide to measure market leadership among the 6 categories that IC released.

Top Life Insurance Companies in the Philippines 2018 (Quick Links):

1. Sun Life is the Number 1 Life Insurer in the Philippines 2018
2. Top Insurance Companies in the Philippines 2018 (Premium Income)
3. Top 10 Life Insurance in the Philippines Based on New Premium Income
4. The Top 10 Life Insurance in Net Income 2018
5. The Best Life Insurance Companies in Assets 2018
6. The Top 10 Life Insurance in the Philippines Based on Net Worth 2018

Premium Income is used in measuring the performance of an insurance company in the world. Thus, the top life insurance company is the company that topped the premium income category.

Sun Life of Canada (Philippines), Inc. is the top life insurance company in the Philippines 2019

Sun Life Remains the Top Life Insurance Company in 2018

Aside from being the top life insurance company, Sun Life is also the first life insurance company established in the Philippines in 1885 making it 124 years old this year. The company also survived World War I and World War II and continued to serve its mission to financially secure every family in the country.

READ: Sun Life Death Claim Processed in Less Than 2 Hours

Many would ask why it’s important to be the number one (or to be included in the top 10) insurance company? Because this serves as a validation that the companies like Sun Life can still fulfill its promise to you. So you must pick an insurance company, so strong, that you think will still operate at the time when you are taken out of the picture. Thus, giving you more confidence that your family will be taken cared for just the way you planned.

Sun Life’s Life Insurance Plans

The standing of an insurance company is a really important consideration before availing an 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.

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If you are looking for income protection with 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 for a quotation and financial consultation by following the link below.

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

If you are looking for comprehensive life and health insurance then you may consider Sun Fit and Well. Providing comprehensive protection for critical illness to address your needs while going through key stages in your health from prevention, diagnosis, treatment, and rehabilitation.

READ: Sun Fit and Well | A Comprehensive Health Insurance

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Top 10 Life Insurance Companies in the Philippines 2018

Let’s get to know more about the other life insurance companies that made it to the list of top life insurance companies based on premium income.

1. Sun Life of Canada (Philippines) Inc.

Officially founded in 1895, making Sun Life of Canada  (Philippines) the first and the oldest life insurance company in the country. The ability to fulfill the promises to its clients has made Sun Life as the preferred life insurance company in most households. No wonder why it has sustained in being the top life insurance company for the 8th consecutive time.

READ: Sun Life | A Company that Love to Pay Claims
READ: Sun Life is the Only Life Insurance Company in Top 100 Brands Ph 2018

2. Philippine AXA Life Insurance, Corp.

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

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

Philam Life was founded in 1947 by Cornelius Vander Starr and partner Earl Carrol. Their incredible partnership has made Philam Life as the number 1 life insurance company in a span of 2 years, 1949, in the business.

4. Pru Life Insurance Corp. of U.K.

The company started in 1996 or 23 years in the life insurance industry in the Philippines. Despite being relatively new compared to its rivals, Pru Life UK bagged the 4th place in the list.

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

Previously known as Ayala Life Assurance Incorporated founded in 1933. It is the country’s top bancassurance in the list thanks to the strategic alliance between BPI and Philam Life.

6. 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 company in the Philippines.

7. 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 which means it’s owned by its policyholders.

8. BDO Life Assce. Co., Inc.

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

9. Allianz PNB Life Insurance, Inc.

Allianz PNB Life was founded in 2001 operating as a subsidiary of Alliance SE. The company has shown incredible growth coming from the 12th place in 2017 to being the top 9 for the year 2018.

10. Manulife China Life Assurance Corp.

The company is a strategic alliance between Manulife Philippines and China Bank. It aims to provide a wide range of innovative insurance products and services to China Bank customers.

Top 1o Life Insurance Based in New Business Annual Premium

Getting more clients means generating more income that can be used for business expansion and payment of claims. It can also lower administrative and insurance charges, thus, more allocation for an investment fund in your VUL plan or dividends for a traditional plan. Sun Life dominated this category with Php 8.2 billion worth of new business.

Insurance Company

NBAPE

  Sun Life of Canada (Philippines), Inc   P8,221,221,183
  Philippine A/G Life Insurance. Corp   P5,998,076,869
  Philippine American Life & Gen. Ins. Co.   P4,425,212,142
  Pru Life Insurance Corp. of U.K   P5,758,660,185
  BPI Philam Life Assurance Corp., Inc   P3,727,064,538
  Manufacturers Life Ins. Co. (Phils.), lnc., The   P3,479,023,654
  Insular Life Assce, Co., Ltd., The   P2,177,840,122
  BDO Life Assce. Co., Inc. (Generali Pilipinas Life)   P3,488,805,557
  Allianz PNB Life Insurance, Inc   P1,717,428,310
  Manulife Chinabank Life Assce. Corp   P1,358,711,771

Top 10 Life Insurance in the Philippines Based on Net Income

In a nutshell, net income is the total profit of a company after subtracting all the expenses in operating a business. Philam Life was able to claim the number 1 spot in net income for the year 2018.

Insurance Company

Net Income

  Philippine American Life & Gen. Ins. Co.   P9,796,104,537
  Sun Life of Canada (Philippines), Inc.   P6,769,777,847
  Philippine AXA Life Insurance. Corp   2,745,920,000
  Manufacturers Life lns. Co. (Phils.), Inc., The   P2,593,034,081
  lnsular Life Assce. Co., Ltd., The   P2,302,848,891
  BPI Philam Life Assurance Corp., Inc.   P1,704,932,133
  Pru Life Insurance Corp. of U.K.   P840,049,243
  United Coconut Planters Life Assce. Corp.   P626,335,238
  Philam Equitable Life Assurance Co., Inc   P528,797,799
  BDO Life Assce. Co., Inc. (Generali Pilipinas Life)   P473,882,653

The Top 10 Life Insurance Companies in Assets

An asset is anything expected to bring future benefit by generating cash flow, reducing expenses, increase sales, etc.  Philam Life has once again dominated this category having Php 246.7 billion assets. Being followed by Sun Life with Php 222.4 billion.

Insurance Company

Asset

  Philippine American Life & Gen. Ins. Co.   P246,751,301,491
  Sun Life of Canada (Philippines), Inc.   P222,435,091,951
  Insular Life Assce. Co., LTD., The   P130,415,994,981
  Philippine AXA Life Insurance, Corp.   P115,129,009,149
  BPI Philam Life Assurance Corp., Inc.   P101,376,320,926
  Manufacturers Life Ins. Co. (Phils.), Inc., The   P95,854,435,286
  Pru Life Insurance Corp. of U.K.   P94,832,563,076
  SunLife Grepa Financial, Inc.   P44,562,132,022
  BDO Life Assce. Co., Inc. (Generali Pilipinas Life)   P41,291,896,464
  Manulife Chinabank Life Assce. Corp.   P34,647,474,877

Top 10 Life Insurance in the Philippines Based in Net Worth

Philam Life bagged the number 1 spot in the net worth category or the amount by which the assets exceed its liabilities. It is followed by Insular Life and Sun Life, respectively. AXA Life has shown a remarkable movement coming from the 10th place last year to being top 6 for this year.

Insurance Company

Net Worth

  Philippine American Life & Gen. Ins.Co.   P69,454,129,569
  Insular Life Assce. Co., LTD., The   P37,824,999,770
  Sun Life of Canada (Philippines), Inc.   P27,554,851,100
  Manufacturers Life Ins. Co. (Phils.), Inc., The   P14,115,973,352
  United Coconut Planters Life Assce. Corp.   P9.870,981,741
  Philippine AXA Life Insurance, Corp.   P7,149,854,289
  BDO Life Assce. Co., Inc. (Generali Pilipinas Life)   P6,284,447,010
  BPI Philam Life Assurance Corp., Inc.   P3,375,322,449
  Pru Life lnsurance Corp. of U.K.   P3,210,166,978
  SunLife Grepa Financial, Inc.   P3,049,313,779

 

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

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