The Insurance Commission (IC) has released the top 10 life insurance companies in the Philippines in 2018. Among the 5 categories, only one of them is widely used. This 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 customers cost for a specified term of the policy is called the premium. (Investopedia)
Sun Life Remains the Top Life Insurance Company in 2017
The latest performance of life insurance companies released by IC based on premium income has hailed Sun Life as the number one insurer of 2017. This is the 7th 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 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 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 Traditional and VUL Plans
This is why it’s important to consider the standing of an insurance company before availing any insurance plan. You want that by the time that the need arises, the company is still performing well to fulfill its obligations to you. But this shouldn’t be the sole basis for getting a plan might as well consider convenience, customer service, a reputable Financial Advisor, etc.
If you want income protection with wealth accumulation plan then a VUL plan is perfect for you. VUL plan is designed to give you financial security and peace of mind while growing your money over time. You can 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. This is for those who are looking for other VUL plan with a cheaper tag. This has better life insurance coverage than Sun Maxilink Prime but with a lesser investment fund.
Top 10 Life Insurance Companies in the Philippines
While knowing Sun Life as the number one life insurance company is good it’s better to know more about the other companies who made it to the list.
Here are the top 10 life insurance companies in the Philippines:
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 its position as the top life insurance company for the 7th consecutive time.
2. Philippine AXA Life Insurance, Corp.
Established in 1999 in the Philippines but has displayed a huge growth and penetration in the market thru its bancassurance business. AXA Philippines is a joint venture by AXA Group and Metrobank Group.
3. BPI-Philam Life Assurance Corporation
Previously known as Ayala Life Assurance Incorporated which was founded in 1933. BPI-Philam is the top bancassurance in the list thanks to the strategic alliance between BPI and Philam Life.
4. Philippine American Life and General Insurance Company, Inc.
Founded in 1947 by Cornelius Vander Starr and partner Earl Carrol. Their partnership has made it the number 1 insurance company just in 2 years, 1949, of business.
5. Pru Life Insurance Corp. of U.K.
The company started in 1996 or 22 years in the life insurance industry in the Philippines. Despite being relatively new compared to its rivals, Pru Life UK bagged the top 5 in the list.
6. Manulife Philippines
Manufacturers Life Ins. Co. (Phils.) or better known as Manulife is wholly owned subsidiary of The Manufacturers Life Insurance Company. The company was established in 1907, making it one of the oldest insurance company in the Philippines.
7. Insular Life Assurance Company, Ltd.
The company is the first Filipino owned life insurance company in the Philippines which was founded in 1910. Insular Life is a mutual company which means it’s owned by its policyholders.
8. Generali Life Assurance Philippines 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. Manulife China Bank Life Assurance Corporation
Established in 1998 named Prumerica Life Insurance Company, Inc. is now known as Manulife China Bank Life Assurance Corporation after being acquired by Manulife.
10. United Coconut Planters Life Assurance Corporation
Founded in 1966 and provides insurance and loan products to special markets.
Top 10 Life Insurance in the Philippines Based on Net Income
Net income is the total profit of a company after subtracting all the expenses in operating the business. This is a good indicator to see how profitable a company and Sun Life showed a remarkable movement from the 7th spot in 2016 to the number 1 spot in 2017. The growth is an astounding 400% compared to the 23% growth in earnings of its nearest rival, Philam Life.
|Sun Life of Canada (Philippines) Inc.||P6,941,929,276|
|Philippine American Life & Gen. Ins.Co.||P5,624,601,309|
|Insular Life Assce. Co., LTD., The||P4,123,830,237|
|Manufacturers Life Ins. Co. (Phils.), Inc., The||P3,341,511,404|
|Philippine AXA Life Insurance, Corp.||P2,308,842,620|
|BPI Philam Life Assurance Corp., Inc.||P1,700,128,152|
|BDO Life Assce. Co., Inc. (Generali Pilipinas Life)||P1,531,230,238|
|Pru Life Insurance Corp. of U.K.||P1,327,990,346|
|SunLife Grepa Financial, Inc.||P661,969,915|
|United Coconut Planters Life Assce. Corp.||P614,080,023|
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. This category is once again dominated by Philam Life with more than Php 251 Billion worth of assets.
|Philippine American Life & Gen. Ins. Co.||P251,373,055,847|
|Sun Life of Canada (Philippines), Inc.||P233,146,030,504|
|Insular Life Assce. Co., LTD., The||P137,609,031,068|
|Philippine AXA Life Insurance, Corp.||P109,659,687,494|
|BPI Philam Life Assurance Corp., Inc.||P103,184,042,544|
|Pru Life Insurance Corp. of U.K.||P99,122,732,454|
|Manufacturers Life Ins. Co. (Phils.), Inc., The||P98,150,689,057|
|SunLife Grepa Financial, Inc.||P47,000,940,689|
|BDO Life Assce. Co., Inc. (Generali Pilipinas Life)||P36,590,878,510|
|Manulife Chinabank Life Assce. Corp.||P33,268,200,054|
Top 10 Life Insurance in the Philippines Based on Net Worth
Another category Philam Life has topped is the net worth or the amount by which the assets exceeds the liabilities. They are followed by Insular Life and Sun Life, respectively.
|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|
|BPI Philam Life Assurance Corp., Inc.||P7,149,854,289|
|BDO Life Assce. Co., Inc. (Generali Pilipinas Life)||P6,284,447,010|
|Pru Life Insurance Corp. of U.K.||P3,375,322,449|
|SunLife Grepa Financial, Inc.||P3,210,166,978|
|Philippine AXA Life Insurance, Corp.||P3,049,313,779|
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.