Ranking of top life insurance companies in the Philippines

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Are you planning to get a policy, perhaps a life insurance cover to protect you and your family from many of life’s risks?

Do you want to know which companies are the best to partner with in preparing for your future?

We’re going to present the latest and updated ranking of top insurance companies in the Philippines. The lists are based from the reports of submitted un-audited quarterly statistics from Insurance Commission for the year 2017 according to the following factors.

  • premium income
  • asset
  • net income
  • paid-up capital
  • net worth

Consolidated Ranking

Now, the government report is not clear which companies were the highest across all five factors. What it only shows are separate rankings, which actually is of little use.

And such lists actually are a bit problematic. A lot of blogs and promos only show just the premium income or one of the factors which is actually not really good as they present an incomplete picture.

So what we did was to come up with the consolidated ranking. It’s the first time we believe that this is done this way. And we are the first one to create this comparison among life insurance companies that is sensible and fair.

Each company was first lined up from highest to lowest separately according to the five factors. Then, we summed up all the numbers of their individual ranking. Lastly, we arranged the sum from smallest to the largest. The result is a more complete and better comparison as shown below.

Result of the consolidated ranking of Philippine life insurance companies.
Result of the consolidated ranking of Philippine life insurance companies.

Here is the overall top 10 best life insurance companies in the Philippines consolidated based from all categories of premium income, assets, net income, paid-up capital, and net worth.

CompanyRank
Philippine American Life & Gen. Ins. Co. (life unit)1
Sun Life of Canada ( Philippines ), Inc.2
Philippine AXA Life lnsurance. Corp.3
Manufacturer’s Life Ins. Co. (Phils.), Inc., The4
BPI Philam Life Assurance Corp., Inc.5
BDO Life Assce. Co., Inc. (Generali Pilipinas Life)6
Pru Life Insurance Corp. of U.K.7
The Insular Life Assurance Co Ltd7
United Coconut Planters Life Assce. Corp.9
SunLife Grepa Financial, lnc.10

Overall, what is the best life insurance company in the Philippines? It’s the Philippine American Life and General Insurance Company (life unit), which is at least on the top 4 in each category. It’s number 1 on assets and net worth, number 2 on net income, and then number 4 on premium income and paid-up capital.

Sun Life of Canada (Philippines) comes second as it ranked highest in premium income and net income, number in 2 in asset, and number 3 in net worth.

Established in 1999, Philippine AXA Life Insurance jumps in the third place. The first two in the list had been in the country for more than a century, so AXA’s rank speaks volumes on the company’s fast growth. According to Investopedia, it is the number 1 insurance company in the world. In the country, it partners with Metrobank in serving its customers.

Top 10 best insurance companies in the Philippines.
Top 10 best insurance companies in the Philippines.

Ranking based on Premium Income

Premium income means the total amount of collections that were paid for all policies by the policyholders. The table below shows the total of both traditional and variable universal life (VUL) insurance policies, whether single-pay or regular-pay contracts.

Top 10 best insurance companies based on premium income.
Top 10 best insurance companies based on premium income.

Sun Life of Canada (Phillippines), Philippine AXA Life Insurance Corporation, BPI Philam Life Assurance Corporation, Philippine American Life & Gen. lns. Co. (life unit ), and  Pru Life lnsurance Corp. of U.K. were leading in terms of premium income.

CompanyPremium Income
Sun Life of Canada ( Philippines ), lnc.32,114,016,858.00
Philippine AXA Life lnsurance. Corp.26,184,554,497.00
BPI Philam Life Assurance Corp., lnc.20,329,487,893.00
Philippine American Life & Gen. lns. Co. (life unit )19,896,346,899.00
Pru Life lnsurance Corp. of U.K.19,221,205,565.00
Manufacturer’s Life lns. Co. (Phils.), lnc., The17,638,454,537.00
The Insular Life Assurance Co Ltd11,675,268,038.00
BDO Life Assce. Co., lnc. (Generali Pilipinas Life)9,871,458,393.00
Manulife Chinabank Life Assce. Corp.8,211,129,912.00
United Coconut Planters Life Assce. Corp.6,506,929,156.00
SunLife Grepa Financial, lnc.6,198,381,461.00
Allianz PNB Life lnsurance, lnc.5,307,731,944.00
FWD Life lnsurance Corp.4,552,796,904.00
Pioneer Life lnc.3,215,918,485.00
AsianLife & Genera! Assurance Corp. ( tife unit )2,711,483,378.00
CLIMBS Life & Genera! lns. Coop. (life unQ1,340,541,410.00
First Life Financial Company, lnc.1,037,829,439.00
Fortune Life lnsurance Company, lnc.1,026,356,948.00
Beneficial Life lnsurance Co., lnc.996,506,584.00
Paramount Life & General lns. Corp. ( life unitl887,585,074.00
East West Ageas Life lns. Corp.860,830,413.00
Generali Life Assurance Phils., lnc.782,207,576.00
Country Bankers Life lnsurance Corp.563,090,452.00
Cooperative lnsurance System of the Phils.514,948,862.00
Philippine Life Financial Assce. Corp.497,661,486.00
Manila Bankers Life Insurance Corp.239,496,221.00
Caritas Life lnsurance Gorp.94,282,992.00
United Life Assurance Corp.13,164,433.00
Phil lnternational Life lns. Co., Inc.7,690,414.00
Philam Equitable Life Assurance Co., lnc.2,951,388.00

Ranking based on assets

Assets are all of the things that a company owns, benefits from or has use of in generating income.

Top 10 best insurance companies based on assets.
Top 10 best insurance companies based on assets.

The top five in terms of assets are Philippine American Life & Gen. lns. Co. (life unit), Sun Life of Canada ( Philippines ), Inc, Insular Life Assce. Co., Ltd., and Philippine AXA Life lnsurance. Corp.

CompanyAssets
Philippine American Life & Gen. lns. Co. ( life unit )251,373,055,947
Sun Life of Canada ( Philippines ), Inc.233,146,030,504
Insular Life Assce. Co., Ltd., The137,609,031,069
Philippine AXA Life lnsurance. Corp.109,659,697,494
BPI Philam Life Assurance Corp., Inc.103,184,042,544
Pru Life lnsurance Corp. of U.K.99,122,732,454
Manufacturerc Life lns. Co. (Phils.),lnc., The98,150,689,057
SunLife Grepa Financial, lnc.47,000,940,699
BDO Life Assce. Co., Inc. (Generali Pilipinas Life)36,590,878,510
Manulife Chinabank Life Assce. Corp.33,268,200,054
United Coconut Planters Life Assce. Corp.27,435,675,926
Allianz PNB Life lnsurance, lnc.27,196,100,904
Pioneer Life lnc.12,390,509,695
FWD Life lnsurance Corp.9,023,504,912
Beneficial Life lnsurance Co., lnc.7,384,678,480
First Life FinancialGompany, lnc.6,071,296,449
Fortune Life lnsurance Company, lnc.4,496,310,500
Paramount Life & General tns. Corp. ( life unit )2,790,287,809
CLIMBS Life & General lns. Coop. (life unit)2,310,856,612
East West Ageas Life lns. Corp.2,279,030,048
AsianLife & General Assurance Corp. ( life unit )2,173,576,310
Philippine Life Financial Assce. Corp.1,982,264,770
Generali Life Assurance Phils., lnc.1,650,986,504
Cooperative lnsurance System of the Phils.1,527,725,656
Philam Equitable Life Assurance Co., lnc.1,441,969,146
Caritas Life lnsurance Gorp.1,326,390,316
United Life Assurance Corp.1,157,387,348
Phil lnternational Life lns. Co., lnc.1,070,599,659
Country Bankers Life lnsurance Corp.1,043,556,398
Manila Bankers Life lnsurance Corp445,582,707

Ranking based on net income

Below is the ranking of companies, including life insurance companies, according to net income which is total earnings of the company, after deducting all expenses and taxes.

Top 10 best insurance companies based on net income.
Top 10 best insurance companies based on net income.

Based on net income, the leading companies are Sun Life of Canada (Philippines), Inc., Philippine American Life & Gen. lns. Co. (life unit), Insular Life Assce. Co., Ltd., Manufacturerc Life Ins. Co. (Phils) Inc., and Philippine AXA Life Insurance. Corp.

CompanyNet income
Sun Life of Canada ( Philippines ), Inc.6,941,929,276
Philippine American Life & Gen. lns. Co. ( life unit )5,624,601,309
Insular Life Assce. Co., Ltd., The4,123,930,327
Manufacturerc Life Ins. Co. (Phils) Inc., The3,341,511,404
Philippine AXA Life Insurance. Corp.2,308,942,620
BPI Philam Life Assurance Corp., Inc.1,700,129,152
BDO Life Assce. Co., Inc. (Generali Pilipinas Life)1,531,230,239
Pru Life lnsurance Corp. of U.K.1,327,990,346
SunLife Grepa Financial, lnc.661,969,915
United Coconut Planters Life Assce. Corp.614,090,023
BeneficiaI Life lnsurance Co., lnc.258,405,734
Asian Life & General Assurance Corp. ( life unit )194,669,447
Cooperative lnsurance System of the Phils.148,914,767
Allianz PNB Life Insurance,lnc.135,891,017
Pioneer Life lnc.126,807,926
CLIMBS Life & Generat Ins. Coop. ( life unit )113,974,661
Philippine Life Financiat Assce. Corp.59,312,900
Caritas Life lnsurance Gorp.46,969,363
Fortune Life Insurance Company, lnc.46,726,354
First Life FinanciaI Company, lnc.20,469,459
Country Bankers Life Insurance Corp.16,177,900
Paramount Life & General lns. Corp. ( life unit )11,955,452
Phil lnternational Life lns. Co., lnc.4,779,222
United Life Assurance Corp.-6,997,577
Manulife Chinabank Life Assce. Corp.-8,143,176
Philam Equitable Life Assurance Co., lnc.-14,990,090
Manila Bankers Life lnsurance Corp.-59,039,122
Generali Life Assurance Phils., lnc.-70,412,033
East West Ageas Life lns. Corp.-898,099,867
FWD Life lnsurance Gorp.-959,523,200

Ranking based on paid-up capital

Paid-up capital represents the actual contribution of all shareholders in the company had given in exchange for stocks.

Top 10 best insurance companies based on paid-up capital.
Top 10 best insurance companies based on paid-up capital.
CompanyPaid Up Capital
FWD Life lnsurance Corp.2,300,000,000
BDO Life Assce. Co., lnc. (Generali Pilipinas Life)1,593,132,400
Generali Life Assurance Phils., lnc.1,591,260,100
Philippine American Life & Gen. lns. Co. (life unit I1,390,167,750
East West Ageas Life lns. Corp.1,296,670,000
Philippine AXA Life lnsurance. Corp.999,836,622
Cooperative lnsurance System of the Phils.951,090,292
Manufacturers Life lns. Co. (Phils.), lnc., The930,000,000
CLIMBS Life & GeneraI lns. Coop. (life unQ851,106,545
BPI Philam Life Assurance Corp., lnc.749,993,979
Beneficial Life lnsurance Co., lnc.626,756,494
Caritas Life lnsurance Gorp.601,000,000
AsianLife & GeneraI Assurance Corp. ( tife unit )583,363,395
United Coconut Planters Life Assce. Corp.550,000,000
First Life Financial Company, lnc.512,500,002
Sun Life of Canada ( Philippines ), lnc.500,000,200
Manulife Chinabank Life Assce. Corp.500,000,000
Pru Life lnsurance Corp. of U.K.500,000,000
SunLife Grepa Financial, lnc.350,000,000
Country Bankers Life lnsurance Corp.338,009,960
Fortune Life lnsurance Company, lnc.313,376,300
Philippine Life Financial Assce. Corp.270,955,574
Pioneer Life lnc.260,000,000
Allianz PNB Life lnsurance, lnc.250,000,000
Paramount Life & General lns. Corp. ( life unitl250,000,000
Philam Equitable Life Assurance Co., lnc.250,000,000
Phil lnternational Life lns. Co., Inc.250,000,000
United Life Assurance Corp.250,000,000
Manila Bankers Life Insurance Corp.200,000,000
The Insular Life Assurance Co Ltd550,000,000

Ranking based on net worth

Net worth means the value of all the assets of the company after all liabilities have been deducted.

Top 10 best insurance companies on net worth.
Top 10 best insurance companies on net worth.
CompaniesNet Worth
Philippine American Life & Gen. Ins. Co. (life unit)69,454,129,569
Insular Life Assce. Co., Ltd., The37,824,999,770
Sun Life of Canada ( Philippines ), Inc.27,554,851,100
Manufacturers Life Ins. Co. (Phils.), lnc., The14,115,973,352
United Goconut Planters Life Assce. Corp.9,870,991,741
BPI Philam Life Assurance Corp., lnc.7,149,854,299
BDO Life Assce. Co., Inc. (Generali Pilipinas Life)6,284,447,010
Pru Life Insurance Corp. of U.K.3,375,322,449
SunLife Grepa Financial, Inc.3,210,166,979
Philippine AXA Life lnsurance. Corp.3,049,313,779
Beneficial Life lnsurance Co., !nc.2,875,927,269
Allianz PNB Life lnsurance, lnc.1,674,699,097
East West Ageas Life lns. Corp.1,504,228,367
FWD Life lnsurance Corp.1,379,370,991
Pioneer Life lnc.1,366,933,669
Cooperative Insurance System of the Phils.1,197,268,004
CLIMBS Life & General Ins. Coop. (life uni)1,129,859,523
Caritas Life Insurance Corp.1,042,182,639
Fortune Life lnsurance Gompany,lnc.993,347,644
United Life Assurance Corp.891,452,132
AsianLife & General Assurance Corp. ( life unit )890,877,140
Phil lnternationalLife lns. Co., lnc.874,343,620
First Life FinancialCompany, lnc.791,199,863
Philam Equitable Life Assurance Co., Inc.766,429,543
Manulife Chinabank Life Assce. Corp.644,056,563
Paramount Life & General lns. Corp. ( life unitl637,042,524
Country Bankers Life lnsurance Corp.572,915,524
Generali Life Assurance Phils., lnc.572,498,357
Philippine Life FinancialAssce. Corp.532,355,855
Manila Bankers Life Insurance Corp.250,739,226

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11 thoughts on “Ranking of top life insurance companies in the Philippines”

  1. Thanks Pesolab for sharing this. Question, Im plannin to enter a Mutual Fund Invesent. Which of this companies will be best to invest in. Hope to recieve your feed back.

    1. Hi Jenson,

      The companies above are not mutual fund companies. They are insurance companies and some of them, such as AXA Philippines, offer products that combine both insurance and investment. A mutual fund, on the other hand, is pure investment.

      I would suggest that you define the goal of your investment and your financial situation first. You may also talk to a good financial advisor who can assess your needs and match them with a suitable financial product. So to answer your question which company to invest in, it’s going to be the company your financial advisor (who you trust) belongs.

      All the best!

    2. As far as I Know Sunlife offers mutual funds as well… But if you don’t habve life insurance yet, have one first instead then you may go on just investment.
      It will depend on your dinancial goals and needs.
      I would suggest that you may just search on google which companies offer mutual fund aside from Sunlife.

      1. Hi Jay,

        I agree. Your financial need must come first. If you know what you need, then that’s the time you can choose the right financial product, may it be insurance with investments or mutual funds. I have been investing in mutual funds for several years in First Metro Asset Management Inc, a sister company of Metrobank and AXA Philippines.

  2. I’ve been compiling info for my daughters and their friends who are inquiring about personal insurance aside from whatever their companies offer them. I came across your statistics from the Insurance Commission website. The one thing they have asked (and which I couldn’t find the answer to) is “which insurance firms rank high in payouts on claims vs revenues earned?” – meaning, which firms don’t try to pin you down on loopholes and technicalities. It is POSSIBLE that companies could rank high on income performance (revenues minus expenses) because they’re GOOD at minimizing payouts on claims, right? There are many such cases on the Internet regarding Supreme Court confirmations or reversals of lower-court decisions.

    1. Hi Ed,

      Thank you. I am planning to post about the paid claims of insurance companies soon (if and when I have the data).

      Nevertheless, while there is a point about companies trying to lessen their costs to be more efficient, the insurance industry as a whole is highly regulated. Paying out claims is governed by the law, industry rules, and company’s internal guidelines.

      I believe the Insurance Commission offers the public a way to complain if their claims are not honored. And yes, one can go to courts.

  3. We should check on the net worth of the company because that’s where we get the assurance that they are efficient and really give our claims. One more important thing is the services that a financial advisor can give.

    1. Hi Belisa,

      Good day. I agree with you. Net worth of insurance companies allows us to know if the company is big enough to support operations. I also agree with you that the service provided by the agent, especially if it’s done with integrity and with genuine concern for the interest of the client, is the top priority. Thanks for the insight!

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