The top life insurance companies in the Philippines 2019

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Are you looking to buy an insurance plan? Whether it is a variable universal life plan, a term insurance, or one with critical illness cover, it is always worth checking the provider that’s offering products in the market.

This article is going to discuss the 2019 Insurance Commission (IC) report. The report is all based from the financial statements filed by the companies for the year 2018. If you want a more updated ranking, see the latest insurance company ranking.

IC ranks them according to five categories:

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

In order to avoid bias, we have made a more consolidated ranking. Data is consolidated by arranging the companies from highest to lowest separately according to the five categories. The company with the highest number in the category is ranked number 1, the next company becomes number 2, and so on. Thus, it assumes that all categories are equal.

See below the 10 best insurance companies in the Philippines based on 2019 IC report.

CompanyRank
Philippine American Life & Gen. Ins. Co. (life unit)1
Philippine AXA Life Insurance. Corp. 2
Sun Life of Canada (Philippines), Inc. 3
Manufacturers Life Ins. Co. (Phils.), Inc., The 4
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, Inc.10

Philippines’ top life insurance companies based on assets

Assets are all of the things that a company owns, benefits from or has use of in generating income. The top companies in terms of assets are Philam Life, Sun Life, Insular Life, Philippine AXA Life Insurance Corporation, and BPI Philam Life. Here is the top 10 based on asset.

CompaniesAssets
Philippine American Life & Gen. Ins. Co₱246.75 billion
Sun Life of Canada₱222.23 billion
Insular Life Assce Co Ltd, The₱130.41 billion
Philippine AXA Life Insurance. Corp₱115.12 billion
BPI Philam Life Assurance Corp Inc.₱101.37 billion
Manufacturers Life Ins. Co. ₱95.85 billion
Pru Life Insurance Corp. of U.K.₱94.83 billion
SunLife Grepa Financial Inc.₱44.56 billion
BDO Life Assurance Corporation, Inc./Generali₱41.29 billion
Manulife Chinabank Life Assurance Corporation₱34.64 billion

Philippines’ top life insurance companies 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. Here are the top 10 companies in terms of premium income.

CompaniesPremium income
Sun Life of Canada (Philippines), Inc.₱37.39 billion
Philippine AXA Life Insurance Corp₱29.44 billion
Philippine American Life & Gen. Ins. Co.₱22.36 billion
Pru Life Insurance Corp. of U.K.₱22.03 billion
BPI Philam Life Assurance Corp. Inc.₱18.29 billion
Manufacturers Life Ins. Co. (Phils), Inc., The₱16.38 billion
Insular Life Assce. Co. Inc., The₱13.95 billion
BDO Life Assurance Corporation/Generali₱11.86 billion
Allianz PNB Life Insurance Inc₱8.98 billion
Manulife Chinabank Life Assurance Corporation₱8.59 billion

Below is the latest report from the Insurance Commission.

Philippines’ top insurance companies based on net income

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

CompaniesNet income
Philippine American Life & Gen. Ins. Co.₱9.79 billion
Sun Life of Canada (Philippines), Inc.₱6.76 billion
Philippine AXA Life Insurance. Corp.₱2.74 billion
Manufacturers Life Ins. Co. (Phils), Inc., The₱2.59 billion
Insular Life Assce. Co., Ltd., The₱2.30 billion
BPI Philam Life Assurance Crop., Inc.₱1.70 billion
Pru Life Insurance Crop. of U.K.₱840 million
United Coconut Planters Life Assurance Corporation₱626 million
Philam Equitable Life Assurance Co., Inc.₱528 million
BDO Life Assurance Co., Inc.₱473 million

You can check the report below.

Philippines’ top insurance companies based on paid-up capital

Paid-up capital represents the actual contribution of all shareholders in the company had given in exchange for stocks. And the top 7 companies are:

Paid-up capital represents the actual contribution of all shareholders in the company had given in exchange for stocks. And the top 7 companies are:

CompaniesPaid-up capital
FWD Life Insurance Corp.₱2.30 billion
Generali Life Assurance Phils., Inc.₱2.22 billion
East West Ageas Life Ins. Corp.₱1.79 billion
BDO Life Assce. Co., Inc. ₱1.59 billion
Philippine American Life & Gen. Ins. Co.₱1.39 billion
Cooperative Insurance System of the Phils.₱1.26 billion
Philippine AXA Life Insurance Corp. ₱1.00 billion
CLIMBS Life & General Insurance Coop. (life)₱983 million
Manufacturers Life Insurance Corporation, Inc.₱930 million
BPI Philam Life Assurance Corporation, Inc.₱749 million

Philippines’ top insurance companies based on net worth

Net worth means the value of all the assets of the company after all liabilities have been deducted. The top 7 companies on this category are:

CompaniesNet worth
Philippine American Life & Gen. Ins. Co. ₱78.87 billion
Insular Life Assce. Co., Ltd., The₱37.02 billion
Sun Life of Canada (Philippines) Inc.₱25.40 billion
Manufacturers Life Ins. Co. (Phils), Inc., The₱14.43 billion
United Coconut Planters Life Assce. Corp.₱10.99 billion
Philippine AXA Life Insurance Corp.₱8.55 billion
BDO Life Assce. Co., Inc. (Generali Pilipinas Life)₱7.70 billion
BPI Philam Life Assurance Corporation, Inc.₱6.28 billion
Pru Life Insurance Corporation of U.K.₱3.25 billion
SunLife Grepa Financial Inc.₱3 billion

Here is the full report.

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6 thoughts on “The top life insurance companies in the Philippines 2019”

  1. Hi there. I’ve noticed that this post is not updated and misleading. Please kindly share the correct info for the 2019 report. You are showing the 2018 report. Thanks 🙂

    1. Hi, Garry. This is based on IC report in 2019, which is based on the financial statements filed in 2018.

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