UPDATED: June 09, 2020
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)
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.
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.
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.
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 lesser investment fund.
Top 10 Life Insurance Companies in the Philippines
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 the 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.
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 by AXA Group and Metrobank Group.
However, it declined by almost 11% in premium income for 2019 versus 2018. Thus, it drops to the 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 in 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.
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 as the number 1 life insurance company in 2 years in the business.
The company declines to the 6th spot from being on the 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 is a joint venture between Generali Pilipinas Holdings Company Inc. (GPHC) and BDO. Meanwhile, Generali is renamed as 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)
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.
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:
- Sun Life of Canada (Philippines), Inc.
- Pru Life Insurance Corporation of UK
- AXA Life Insurance Corporation
- Manufacturers Life Insurance Corporation Inc.
- BPI-Philam Life Assurance Corporation Inc.
- BDO Life Assurance Corporation
- Philippine American Life & General Insurance Corporation
- FWD Life Insurance Corporation
- United Coconut Planters Life Assurance Corporation
- 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 2019.
|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
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 ranks 2nd.
|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
Firstly, 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 290.2 billion assets. After that, it is followed by Sun Life with Php 254.5 billion.
|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
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 comes in 2nd and 3rd spots, respectively. Meanwhile, Coco Life has dropped from the to the 8th place coming from 5th last year.
|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|
Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded 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.