The Top 10 Life Insurance Companies in the Philippines 2019

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Sun Life is the top life insurer in 2019 for the 8th consecutive timeSun Life of Canada (Philippines), Inc. is once again 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.

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)

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.Top 10 Life Insurance Companies in the Philippines 2019

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.

the-wise-guy-ph-sun-maxilink-prime

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 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 you may also consider. These companies are not only well-known brands but have a strong hold in protecting every family’s dream.

Here are the top 10 life insurance companies in the Philippines 2018:

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 is still the top life insurance company in the country.

READ: Sun Life | A Company that Love to Pay Claims

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 companies 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 Assurance 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 Companies in the Philippines (NBAPE)

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 in the investment fund of your VUL plan or dividends for a traditional plan. Sun Life dominated this category with Php 8.2 billion worth of new business premium.

Here are the top life insurance companies in the Philippines:

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

You may refer to the table below for a more comprehensive look in the performance of each life insurance companies for the year 2018.

Insurance Company

NBAPE

  Sun Life of Canada (Philippines), Inc   P8,221,221,183
  Philippine AXA Life Insurance. Corp   P5,998,076,869
  Pru Life Insurance Corp. of U.K.   P5,758,660,185
  Philippine American Life & Gen. Ins. Co.   P4,425,212,142
  BPI Philam Life Assurance Corp., Inc.   P3,727,064,538
  BDO Life Assce. Co., Inc. (Generali Pilipinas Life)   P3,488,805,557
  Manufacturers Life Ins. Co. (Phils.), Inc., The   P3,479,023,654
  FWD Life Insurance Corp.   P2,516,095,794
  United Coconut Planters Life Assce. Corp   P2,313,865,366
  Insular Life Assce. Co., Ltd., The   P2,177,840,122

Top 10 Life Insurance Companies 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
  Insular 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

Top 10 Life Insurance Companies in the Philippines Based on Assets

An asset is anything expected to bring future benefits 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 Companies in the Philippines Based on 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.   P78,872,723,360
  Insular Life Assce. Co., LTD., The   P37,028,437,013
  Sun Life of Canada (Philippines), Inc.   P25,406,830,608
  Manufacturers Life Ins. Co. (Phils.), Inc., The   P14,431,503,648
  United Coconut Planters Life Assce. Corp.   P10,992,339,403
  Philippine AXA Life Insurance, Corp.   P8,550,908,245
  BDO Life Assce. Co., Inc. (Generali Pilipinas Life)   P7,701,898,262
  BPI Philam Life Assurance Corp., Inc.   P6,284,060,631
  Pru Life lnsurance Corp. of U.K.   P3,259,979,275
  SunLife Grepa Financial, Inc.   P3,008,814,124

 

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

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18 comments… add one
  • Lecia Aucsap Link Reply

    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?

    • 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 🙂

  • John Claude Link Reply

    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.

    • 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 🙂

  • meh Link Reply

    So sir, who is the best life insurance to avail of investment? I can’t decide either Sun Life or Axa?

    • Hi Meh. Both are insurance companies so in terms of investment I don’t think it’s a good idea to get insurance. But do you currently have a life insurance plan? If none, then you may get it first before diving into investment. I’ve written a full-length post about that. I’ll link it below. Thanks 🙂

      READ: 5 Simple Steps to Achieve Financial Freedom

  • Marilou Bajado Link Reply

    Hi Sir Federico. I would like to know if Sunlife is an HMO? Thanks 🙂

  • Dior Diamond Link Reply

    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?

    • 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 🙂

  • Jocelyn Link Reply

    gusto ko rin ng lifetime financial freedom… how po?

  • Caren Conrado Link Reply

    Is Philippine American Life & General Insurance Corporation same with BPI-Philam Life?

    Is this affiliated?

  • Patty Link Reply

    Check your NBAPE… You listed out FWD and COCOLIFE in your list..

    • Hi Patty. Thank you for your sharp eye. I updated the blog. Thanks 🙂

      • Cristopher Velasquez Link Reply

        Please check Sunlife date of establishment on your introduction. It should be 1895 and not 1885.

        • Hi Cristopher. You are right, Sun Life is really established in 1885 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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