Sun 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.
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.
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.
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.
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.
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.
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 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:
- Sun Life of Canada (Philippines), Inc.
- AXA Life Insurance Corporation
- Pru Life Insurance Corporation of U.K.
- Philippine American Life & General Insurance Corporation
- BPI-Philam Life Assurance Corporation Inc.
- BDO Life Assurance Corporation
- Manufacturers Life Insurance Corporation Inc.
- FWD Life Insurance Corporation
- United Coconut Planters Life Assurance Corporation
- 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.
|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.
|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 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.
|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.
|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|
Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded Sun Life financial advisor with clients ranging from lawyers, doctors, engineers, accountants, business owners, company directors, and OFWs to minimum wage earners had sought advice from him in achieving lifetime financial freedom.