The Top 10 Life Insurance Companies in the Philippines 2024

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According to the latest press release by the Philippine Statistics Authority (PSA), the current health expenditure (CHE) in 2022 had reached Php1.12 trillion. 

In healthcare terms, current health expenditure (CHE) is the total sum of money that a country spends to keep everyone healthy.

It includes contributions from the government (PhilHealth), insurance companies (health insurance and HMOs), and what individuals pay out-of-pocket (OOP).

And 44.7% of that comes from the individual pockets of Filipinos.

As a result, it created a huge health insurance gap, pushing approximately 1.5 million Filipinos into poverty each year. It is a major concern we must address. 

Consequently, it forces families to cut back on education and vital spending.

Health Insurance Gap

Would you agree that many Filipinos died not because there was no treatment available but because they could not access the medical treatment they needed?

While some survive only to face poverty, there’s a great need for life and health insurance, which play a vital role in nation-building.

How can we address the health insurance gap?

Remember, CHE has 3 components, namely, from the government, insurance companies, and household out-of-pocket spending.

Our goal is to minimize out-of-pocket spending. Because government benefits are pretty much fixed, the only thing you can do is increase your health insurance and HMO benefits.

The Rising Cost of Getting Sick in the Philippines

In 2017, there were only about 4 million Filipinos who had HMO coverage. In spite of that, the average maximum benefit limit (MBL) is only PHP 150,000.

Although it is a big help to ailing employees, the limit is very small compared to the average cost of medical treatments. Furthermore, it is not enough to cover major medical health concerns such as stroke, cancer, heart attack, etc.

Top 3 causes of death in the philippines

It gives a false security blanket, saying that it is enough. But because a stroke costs around PHP 1.8 million, it is way beyond the average MBL. Let’s say you only have a 150k HMO benefit; you still need PHP1.65 million to afford the treatment. 

Here’s the cost of other illnesses: a heart attack costs PHP 900,000, breast cancer costs PHP 430,000, and lung cancer costs PHP 2.7 million.

You are left with two choices when you get ill.

First, cover the medical cost by selling your properties or using your savings, which are intended for other things, such as the education of your kids, building a house, starting a business, etc. 

Second, transfer the risk to an insurance company by getting life and health insurance plans.

How do we come up with the list?

Many companies are claiming the number-one spot as the top life insurer. Moreover, some blogs and websites have decided to consolidate the data from the Insurance Commission (IC). But the question is, “Is it okay to consume the data that way?”

So don’t worry; this blog is here to help you with the confusion.

On March 24, 2024, IC released seven (7) financial reports, and different companies topped each metric. But among the seven (7) categories, only one is widely used to come up with the top 10 life insurance companies. It is not just in the Philippines but the entire world, and that’s “Premium Income.”

How to interpret the categories

While premium income is used to determine the top life insurers, the remaining metrics are also important. Hence, IC releases them for a reason. For instance, you may use it to assess the overall financial health of a company.

You may interpret each category in this way.

Premium Income

It is a combination of the past and present business of an insurance company.

This figure reflects the overall size and revenue-generating capacity of an insurance company.  A company with the highest premium income is considered the market leader as it corresponds to a larger market share.

The past business is often called the renewal premiums. And a good percentage of renewals means that clients are happy with the services, so they continue paying for their plans. 

On the other hand, the present business is what we call the NBAPE. It denotes the ability of a company to attract new clients.

Thus, the combination of the past and present gives a better picture of the market share, stability, and competitiveness of an insurance company.

New Business Annual Premium Equivalent (NBAPE)

It signifies the sales performance of an insurance company in a given year. Thus, it is vital to acquire new business.

That is to say that the new business annual equivalent reflects how the general public perceives a company in a particular year.

Therefore, growth is desirable as it indicates growth potential and market competitiveness.

Net Income

Net income equates to the income of a company after expenses. Thus, it shows how profitable the business is

It’s something to consider because you will be putting your money into insurance, and, of course, you want the company to be there when the time comes.

Net Worth

Net worth is equal to the assets minus the liabilities. Undeniably, it shows the capacity of a company to cover liabilities, such as claims.

Use this to foresee if the company can cover future claims.

Total Assets

It is composed of current and fixed assets. Likewise, here you can see how the company manages its assets. Thus, a good company should have growing assets to support its business and sales.

Sun Life Remains the Top Life Insurance Company in 2024

Sun Life is still the number one insurer in 2024, based on the financial reports released by the Insurance Commission (IC). Thus, it is the 13th consecutive time that Sun Life has managed to top the premium income category both in traditional (whole life, term, and endowment) and variable plans.

So why is being number one (or being part of the top 10) important to you as an insurance buyer?

Because it serves as validation that companies like Sun Life can still fulfil their promises to their clients.

Remember, life insurance is an aleatory or promise contract, meaning that when a specific event occurs, like death, 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 Traditional and VUL Plans

It’s essential to consider the standing of an insurance company before availing of any insurance plan. You want that by the time the need arises, the company is still performing well to fulfill its obligations to you. But this shouldn’t be your sole basis for getting a plan. Undoubtedly, you might as well consider convenience, customer service, a reputable Financial Advisor, etc.

You need life insurance for the family you love

A VUL plan is perfect if you want income protection with a wealth accumulation plan. It lets you grow your money while giving you financial security and peace of mind.

As your investment fund grows, your insurance coverage also increases.

Here’s a link to one of Sun Life’s best-selling VUL plans to request a quotation and financial consultation.

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

Health is wealth. So get one of the most comprehensive health insurance plans in the country, covering 114 critical illnesses. Make sure you get the treatment you need when you need it most. Click the link below to learn more.

READ: Sun Fit and Well | Most Comprehensive Health Insurance Plan


Top 10 Life Insurance Companies in the Philippines 2024

Now, let us know more about the other companies that complete the list.

As mentioned before, we based the top 10 life insurance companies in the Philippines on premium income.

The table below summarizes the overall performance of each company.

Insurance CompanyPremium IncomeNBAPENet IncomeNet WorthTotal Assets
Sun Life12121
Pru Life UK212115
Allianz PNB Life371314 8
BDO Life64347
Insular Life7 6634
BPI-AIA9577 9
Sun Life Grepa Life101210812

So here are the top 10 life insurance companies in the Philippines in 2024.

1. Sun Life of Canada (Philippines) Inc.

Established in 1895, Sun Life of Canada (Philippines) holds the distinction of being the pioneering life insurance company in the Philippines.

Renowned for its unwavering commitment to delivering on its promises, Sun Life has earned the trust and preference of countless households, solidifying its position as the top life insurance provider in the country.

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

Sun Life remained the number 1 life insurance company in the Philippines in 2024 for 13 consecutive years based on premium income.

However, due to steep competition, Pru Life has clinched the top spot in NBAPE with a very small margin of Php500 million.

It’s good to see that these two companies are working hard to secure market leadership, and in return, more families will enjoy the humanitarian benefits of life insurance.

Furthermore, Sun Life also comes in first in net income and total assets.

This year is a triple victory for the company, as it was able to get first place in the total assets category as it overtook AIA.

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

2. Pru Life Insurance Corp. of UK.

The company started in 1996 after 27 years in the life insurance industry in the Philippines. 

Despite being relatively new compared to its rivals, Pru Life UK bagged 2nd place in the list.

Pru Life has led in NBAPE as it regains the top spot from Sun Life. The last time they led the NBAPE was in 2022.

It came as a surprise that Pru Life has managed to earn 6 times their net income compared to last year. 

Definitely a major peat, as it shows how progressive the company is.

3. Allianz PNB Life Insurance, Inc.

Allianz PNB Life was founded in 2001, operating as a subsidiary of Alliance SE. The company remained in 3rd place among the top 10 life insurance companies in the Philippines.

Truly, Allianz PNB’s business is a game-changer this year. It saw tremendous growth in net income of over PHP600 million from a loss last year.

However, NBAPE plummets to 7th place from 3rd last year.

4. Philippine AXA Life Insurance, Corp.

AXA Philippines was only established in 1999 in the Philippines but has shown massive growth and market penetration thanks to its bancassurance business. 

In fact, it is a joint venture between AXA Group and Metrobank Group.

AXA has maintained its position in premium income. However, it dropped by 3 places in the NBAPE.

5. FWD Life Insurance Corporation

In 2014, FWD made its debut in the Philippines’ insurance landscape. 

Despite being new, the company swiftly ascended to secure a coveted position among the top 10 life insurance providers in the Philippines.

FWD took the 5th position from BDO Life this year as they continued to expand their market share.

Most insurance companies net income this year increased compared to last year. 

But FWD was able to make an incredible profit this year as its net income grew by 1,100%.

That’s 11 times what they did last year.

6. BDO Life Assurance Co. Inc.

Established in 1999 through a strategic partnership between Generali Pilipinas Holdings Company Inc. (GPHC) and BDO, the company has undergone a transformation.

Today, it stands under the new banner of BDO Life Assurance Co. Inc., marking a significant evolution in its identity and operations.

This year, BDO dropped to 6th place.

7. Insular Life Assurance Company, Ltd.

Founded in 1910, Insular Life holds the distinction of being the pioneering Filipino-owned life insurance company in the Philippines.

As a mutual company, its unique structure ensures that its policyholders are also its owners, fostering a sense of shared ownership and mutual benefit.

Insular Life has posted an applaudable performance this year by advancing 3 places in the top 10 life insurance companies in the Philippines in 2024.

Undeniably, the company has strong financial standing, as they come in 6th in net income, 3rd in net worth, and 4th in total assets.

8. Manulife Philippines

Manufacturers Life Insurance Company (Phils.), commonly known as Manulife, stands as a fully-owned subsidiary of its parent company, The Manufacturers Life Insurance Company.

Established in 1907, it proudly boasts a heritage that positions it among the oldest insurance firms operating in the Philippines.

Manulife slipped by one (1) place in premium income and by two (2) places in NBAPE.

9. BPI-AIA Life Assurance Corporation

Formerly recognized as Ayala Life Assurance Incorporated and established in 1933, this company has ascended to the forefront of bancassurance in the Philippines.

Its prominent position is owed to the strategic collaboration between BPI and Philam Life, solidifying its status as the leading entity in this sector.

BPI-AIA stayed in its 9th position.

10. Sun Life Grepa Life

In 2011, Sun Life Financial partnered with the Yuchengco Group to establish Sun Life Grepa Financial, Inc., marking its entry into bancassurance.

After only a few years, Sun Life Grepa was able to clinch one of the most coveted spots in the top 10.

Top 10 Life Insurance Companies in the Philippines (NBAPE) 2024

Attracting new clients means generating more income for business expansion and the payment of claims.

It can also lower administrative and insurance charges, resulting in more allocation in the investment fund of your VUL plan or dividends for a traditional insurance plan.

Pru Life UK has made a successful comeback as the front-runner in new business premiums from Sun Life. These two insurance companies are having a head-to-head battle, as Pru Life UK leads with only a small margin of PHP 500 million.

Sun Life of Canada (Phil) Inc. was not able to retain its lead from Pru Life UK in NBABE this year. However, they had a good performance last year.

For a comprehensive overview of the top 10 life insurance companies in the Philippines in NBABE in 2024, please refer to the table below.

Insurance CompanyNBAPE
Pru Life Insurance Corporation of U.K.  P10,540,295,465
Sun Life of Canada (Philippines), Inc.  P10,067,323,180
  FWD Life Insurance Corporation  P4,596,178,178
  BDO Life Assurance Company, Inc.  P4,113,723,868
  BPI-AIA Life Assurance Corporation  P3,799,541,179
  Insular Life Assurance Company, Limited, The  P3,722,078,242
  Allianz PNB Life Insurance, Inc.  P3,300,593,643
Philippine AXA Life Insurance Corporation  P3,300,593,643
Manufacturers Life Insurance Co. (Phils.), Inc., The  P2,615,033,030
Etiqa Life & General Assurance Philippines, Inc.  P2,049,011,442

Top 10 Life Insurance Companies in the Philippines Based on Net Income 2024

In a nutshell, net income represents a company’s profit after deducting all operating expenses. In line with this, Sun Life of Canada (Phil) Inc. has remained in the top position for this year.

Pru Life came in a strong second by managing to earn 6 times their previous income. It means they are very profitable, which is a good sign for an insurance buyer.

Insurance CompanyNet Income
  Sun Life of Canada (Philippines), Inc.  P8,798,826,473
  Pru Life Insurance Corporation of U.K.  P4,364,912,1603
  BDO Life Assurance Company, Inc.  P3,682,175,428
  Philippine AXA Life Insurance. Corp  P2,730,190,868
AIA Philippines Life and General Inc. Co.  P2,660,695,472
  Insular Life Assce. Co., Ltd.,  P2,450,565,196
  BPI-AIA Philippines Life Assurance Corporation  P2,395,831,036
  Manufacturers Life Insurance Company (Phils.), Inc., The  P1,898,673,118
  FWD Life Insurance Corportation  P1,215,862,946
  Sun Life Grepa Financial, Inc.  P1,048,522,526

Top 10 Life Insurance Companies in the Philippines Based on Net Worth 2024

AIA maintained its top position in the net worth category, showcasing assets that surpass liabilities—a testament to its financial strength. 

Following closely behind are Sun Life, Insular Life, and BDO Life. 

Their decades-long market leadership, spanning 60 years, has fortified AIA’s position.

Sun Life, securing the second spot, continues to steadily accumulate its net worth, now marking its 13th consecutive year as the market leader of the Philippine insurance industry.

Insurance CompanyNet Worth
  AIA Philippines American Life and General Ins. Co., Inc.  P59,448,396,954
  Sun Life of Canada (Philippines), Inc.  P49,484,734,769
  Insular Life Assce. Co., Ltd., The  P46,343,400,123
  BDO Life Assurance Company Inc.  P20,195,928,686
  Manufacturers Life Ins. Co. (Phils.), Inc., The  P15,431,906,716
  Philippine AXA Life Insurance. Corp  P11,228,412,663
  BPI-AIA Life Assurance Corporation  P9,311,087,979
  Sun Life GREPA Financial, Inc.  P6,957,963,449
  FWD Life Insurance Corporation  P6,009,444,650
  United Coconut Planters Life Assce. Corp  P5,255,593,279

Top 10 Life Insurance Companies in the Philippines Based on Assets 2024

An asset is anything expected to bring future benefits by generating cash flow, reducing expenses, increasing sales, etc.

Sun Life maintained the lead in total assets for the third consecutive year.

AIA comes in second, and AXA comes in third.

Insurance CompanyTotal Assets
  Sun Life of Canada (Philippines), Inc.  P306,333,217,065.68
  AIA Philippines American Life and General Ins. Co., Inc.  P255,039,712,404.90
  Philippine AXA Life Insurance. Corp  P166,116,164,953.11
  Insular Life Assce. Co., Ltd., The  P150,488,008,143.60
  Pru Life Insurance Corp. of U.K.  P141,173,480,898.25
  Manufacturers Life Ins. Co. (Phils.), Inc., The  P122,537,728,548.47
  BDO Life Assurance Company, Inc.  P116,489,209,615.81
  Allianz PNB Life Insurance, Inc.  P114,708,925,034.00
  BPI-AIA Life Assurance Corporation  P112,594,487,304.41
  Manulife Chinabank Life Assurance Corporation  P64,753,482,575.97

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

How Do You Choose the Right Life Insurance Plan?

Finding the right life insurance plan as a first-time buyer can be daunting, but everyone starts somewhere.

After your first policy, choosing subsequent life insurance products becomes easier. 

Follow the steps below to find the right plan for you.

5 Steps in Getting the Right Insurance Plan

1. Choose 3 insurance companies

Begin by identifying your priorities, such as excellent customer service, financial stability, and competitive pricing.

Then, select 2–3 companies from the top 10 that align with these qualities. 

Remember, the cheapest option isn’t always the best insurance. 

Focus on the value you’re receiving before considering the price.

2. Know what’s important for you

Before asking for life insurance plan proposals, ask yourself, “What are your top priorities?”

Understanding yourself is crucial; don’t rush into getting a plan without clear goals.

Perhaps your priority is safeguarding your family from financial hardships or addressing the escalating costs of medical care.

Maybe you’re focused on securing your children’s future with education and a stable home, planning for retirement, or are you interested in starting a business?

Reflect on the importance of this decision—it’s a long-term commitment. 

Challenges will arise, and without clear goals, you might be tempted to abandon your plan. 

To avoid wasting time and money, define your goals now.

3. Schedule an Appointment

Reach out to an advisor from each company and schedule a meeting. 

Treat this process with the seriousness it deserves—this is about your future, not browsing a menu at a restaurant. 

Take the time for a face-to-face discussion. Here are some qualities to seek in a financial advisor:

  • He must be reachable. Your advisor should be available for account inquiries and regular policy updates. There may be occasions when you forget your coverage details and require a refresher on your plan. Avoid choosing an advisor you feel intimidated to approach.
  • Is he knowledgeable? Can your advisor explain the plans and options clearly? While it’s important to review the fine print of an insurance plan to understand its pros and cons, a knowledgeable advisor will transparently lay out all the details without reservation. Their priority is not just making a sale but genuinely caring for your well-being.
  • Dependable person. Keep in mind that you’re not just acquiring an insurance plan; you’re also gaining a partner. View your insurance plan as your contingency strategy for your family’s future. Will your advisor still be with the insurance company when you require assistance?

Selecting the ideal advisor can feel as daunting as navigating through insurance options. 

Your insurance plan serves as tangible evidence of your commitment to your family’s security. 

Conversely, your advisor acts as the guardian of that commitment. 

Thus, it’s crucial to prioritize accessibility, expertise, and reliability when choosing an advisor.

4. Prepare questions

At this point, you may now prepare for questions that concern you the most. But then you don’t have to compute for each fee/charge every year.

Do you have to know the production cost of the bag of chips you buy? I don’t think so.

In step 3, you have set your goals. Price should not be the basis, but its value proposition.

Your advisor will answer all your questions during the product presentation.

Thus, ask if you have any remaining questions.

Again, this is for your future, so make sure the plan answers your needs.

5. Finalize your decision

Now that you have met the 3 advisors and reviewed their proposed plan, you may create a table or list of things you need and want from an insurance plan versus the proposals.

So which among them is the fittest to your goal?

While some riders or benefits are good additional features, remove them if they don’t fit your cause. 

Just get what you need accordingly.

I hope this blog helped you get the “right” insurance plan.


READ: Sun Fit and Well | Most Comprehensive Health Insurance



175 thoughts on “The Top 10 Life Insurance Companies in the Philippines 2024

      1. Good am sir ,can an insurance company delete the life insurance of the insured for not claiming the insurance 13 years after the maturity date(2010) Type of insurance-5 year dollar earner),single payment-reason for not claiming-I misplaced the the policy and I forgot all about it and the company probably dib
        did not give any notice, by the way I am 83 yrs old

        1. Sorry for your experience, Alfredo. With the technology now, you don’t have to present your policy to claim the benefits they can search the account for you. Well, at least with our company. Please call your insurance provider so they can help you.

  1. good day, is there any available branch/advisor of sun life in United Arab Emirates.. Please advise. thank you

  2. Hi sir! What can you say about the expensive administration fees for VUL. I have a Sunmaxilink prime and I noticed that admin fees cost around 1050 per month. I thought it is expensive! It gnaws away your investment.

    1. Hi Juan! Probably you are in your early policy years. As you reach the end of the accumulation period (10 years), you will notice that charges will drop significantly. It will allow your plan to breathe as it enters the investment growth period. I hope it appeases your mind.

  3. Sir Federico,

    Good day! I just want to ask which insurance companies with VUL have a good performance in terms of their investment.


    1. Hi Alvin. As of now, I don’t have the data about that. But considering of having a post regarding it just in comparison of how the investment funds of each insurance companies perform thru the years. The only thing that makes me wonder is that VUL is not an investment plan so even if the performances of investment funds of each company differ in terms of returns, point something difference, it should not weigh more compared to the insurance protection it offers. The focal point of the VUL plan is life insurance protection. Thanks 🙂

  4. I saw tour Article on the best insurance in the Philippines. Excellent information. Do you have similar article on the best HMO in the Philippines? Thank you.

    1. Hi Ruscelle. Thanks for the kind words. As of now, I don’t have a post regarding the best HMO in the Philippines. But I will consider writing about this once I’m finished with my list for this year. Thank you 🙂

    1. Hi Jeffrey. I’ll be more than happy to assist you. You may kindly read my blog post about educational planning by clicking here.

      You can also request for a proposal on the bottom part of the post. Thanks!

  5. Hi , gusto ko po sana kumuha ng insurance, payable in 5 years, and pwedi mwithdraw after 10 years. Any details please.

    1. Hi Shalyn. If I may ask, what’s your purpose of getting the insurance? Is it for life insurance coverage or as an investment? Basically, if you plan to withdraw after 10 years then your life insurance will cease. If it’s just a partial withdrawal then you can do that anytime. I’ll be proving you a link you can read. But I still suggest you meet agents to have your options discussed you may have a different view of what you are actually planning to get 🙂

  6. Hi.. Would like to know about insurance company not listed on top 10 to invest like Phil. International Life Insurance… Is my money is in good hand to them?

  7. Hi sir, I’m looking for a life plan for my parents is there a bracket of ages that should be considered in applying?. Can you help me and give me right proposal for it? Thanks, looking forward with your reply.