Top 10 Philippine life insurance companies

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What is the best life insurance company in the Philippines?

This is an important question because many websites and blogs have different claims, and it is tricky to know who is telling the whole truth and who is cherry-picking reports from the Insurance Commission released in May 2019. That is why sometimes it can be quite confusing for ordinary Pinoys to know the real picture.

There are five categories that insurance companies are ranked: premium income, asset, net income, paid-up capital, and net worth. This article is going to consolidate all the five categories mentioned above, which is a more objective and fairer way, to come up with the definitive list of the top 10 insurance companies in the Philippines.

Best Philippine life insurance companies 2018

We all know the importance of having a life insurance policy. It protects us from the cost of an untimely demise. With the addition of insurance riders, it can expand coverage on accident, hospitalization, and permanent disability that can provide us and our beneficiaries peace of mind.

And so the next question is who are among the best providers in the market. The Insurance Commission‘s report released in May 2019 cover the year of 2018. 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 in the table.

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

Philam tops the list by being number 1 in three out of five categories. Philippine AXA Life Insurance comes in second even if it did not top any category because it’s been consistently part of at least top 7. Sun Life of Canada follow next, posting the highest premium income and placing 16 in paid-up capital.

See the picture below for the complete result.

Results of the consolidated ranking from Insurance Commission 2018
Results of the consolidated ranking from Insurance Commission 2018

1. Philippine American Life and General Insurance Company

Overall, it’s the Philippine American Life and General Insurance Company (life unit) or Philam Life that is the number 1 insurance company in the country as it is at least on the top 5 in each category. It is ranked #1 in assets, net income, and net worth. It also number 3 in premium income and number 5 in paid-up capital.

A local subsidiary of American Insurance Association, Philam Life was established in 1947. For over seven decades, it has expanded and now included subsidiaries such as the Philam Asset Management, Inc. (PAMI) and the BPI-Philam Life Assurance Corporation, a bancassurance outfit.

Philam has the following ranking:

  • Top #1 in assets
  • Top #1 in net income
  • Top #1 in net worth
  • Top #5 in paid up capital
  • Top #3 in premium income

2. Philippine AXA Life Insurance

Established in 1999, Philippine AXA Life Insurance overtakes Sun Life of Canada by coming in at second place. AXA’s rank speaks volumes on the company’s fast growth compared to other companies that had been operating for many years. According to Investopedia, it is the number 1 insurance company in the world. In the country, it partners with Metrobank in serving its customers.

Philippine AXA is currently:

  • Top #2 on premium income
  • Top #3 on net income
  • Top #4 on assets
  • Top #5 on net worth
  • Top #7 on paid capital

3. Sun Life of Canada (Philippines) Inc.

Sun Life of Canada (Philippines) Inc. comes in third in the ranking of top insurance companies in the Philippines. It is number 1 in premium income, number 2 in assets, number 2 in net income, number 3 in net worth, and number 16 in paid-up capital.

The company was established in the country through the British company H.J. Andrews and Co. After halting its business in World War II, it resumed operation as soon as the war concluded. It offers a range of financial products including but not limited to insurance and mutual funds.

  • Top #1 in premium income
  • Top #2 in assets
  • Top #2 in net income
  • Top #16 in paid-up capital

4. Manufacturers Life Insurance Company (Philippines), Inc.

Manufacturers Life Insurance Company (Philippines), Inc. or Manulife comes in fourth on the list. For the latest yearly ranking, it is number 4 in net income, number 4 in net worth, number 6 in assets, number 9 in paid-up capital and number 10 in premium income.

The company sold its first policy in 1901 and was licensed to engage in the insurance business in the Philippines in 1907. It has recently formed a partnership with China Banking Corporation, creating the subsidiary and bancassurance firm Manulife China Bank Life Assurance Corporation.

Manulife’s ranking is as follows:

  • Top #4 in net income
  • Top #4 in net worth
  • Top #6 in assets
  • Top #9 in paid-up capital
  • Top #10 in premium income

5. BPI Philam Life Assurance Corporation Inc.

The BPI Philam Life Assurance Corporation Inc. comes next in the ranking of top life insurance companies in the Philippines. It is currently ranked number 5 in assets and premium income, number 6 in net income, number 8 in net worth, and number 10 in paid-up capital. The company is a partnership between the Bank of the Philippine Islands and the Philippine American Life and General Insurance Company.

BPI Philam Life is:

  • Top #5 in premium income
  • Top #5 in assets
  • Top #6 in net income
  • Top #8 in net worth
  • Top #10 in paid up capital

6. BDO Life Assurance Company, Inc (Generali Pilipinas Life)

BDO Life Assurance Company is in the 6th place. It is number 4 in paid-up capital, number 7 in net worth, number 8 in premium income, number 9 in assets, and number 10 in net income. As a subsidiary of the BDO Unibank, it offers bancassurance solutions to its individual and corporate clientele.

BDO Life is:

  • Top #4 in net worth
  • Top #7 in net worth
  • Top #8 in premium income
  • Top #9 in asset
  • Top #10 in net income

7. Pru Life Insurance Corporation of U.K.

Coming in at number 7, Pru Life Insurance Corporation of U.K. is currently number 4 in premium income, number 7 in assets, number 7 in net income, number 9 in net worth, and number 4 in paid-up capital.

Established in 1996, the company was the first in the industry approved by the Insurance Commission to engage in dollar-denominated policies. In 2001, it acquired AllState Life Philippines and ING Life Philippines in 2002.

Pru Life is:

  • Top #4 in premium income
  • Top #7 in assets
  • Top #7 in net income
  • Top #9 in net worth
  • Top #18 in paid-up capital

8. Insular Life Assurance Corporation

The Insular Life Assurance Company is ranked number 8 in the consolidated list across categories. It is number number 2 in net worth, number 3 in assets, number 5 in net income, number 7 in premium income, and number 30 in paid-up capital.

Established in 1910, the company has over a century-worth of history engaging in the insurance industry in the country. It was also considered at that time as the first Filipino life insurance company. In 1943, it acquired Filipinas Life Assurance Company and in 1955, its subsidiary in Hawaii was sold to the American General Insurance Group of Texas.

Insular Life is:

  • Top #2 in net worth
  • Top #3 in asset
  • Top #5 in net income
  • Top #7 in premium income
  • Top #3-0 in paid up capital

9. United Coconut Planters Life Assurance Corporation

The United Coconut Planters Life Assurance Corporation or COCOLIFE is the top 9 in the Philippine ranking of life insurance companies. It places number 5 in net worth, number 8 in net income, number 11 in premium income, number 12 in assets, and number 14 in paid-up capital.

Established about four decades ago, its subsidiaries include Cocolife Asset Management, Direct Link Car Insurance, Ultra Security Services Inc., and UCPB General Insurance Company. The company is known to the biggest Filipino-owned stock insurance company and the first Filipino insurance company to be ISO-certified.

Cocolife is:

  • Top #5 in net worth
  • Top #8 in net income
  • Top #11 in premium income
  • Top #12 in assets
  • Top #14 in paid up capital

10. Sun Life Grepa Financial, Inc.

Placing at number 10 is Sun Life Grepa Financial, Inc. According to the latest reports, the company is number 8 in assets, number 10 in net worth, number 12 in net income, number 13 in premium income, and number 19 in paid-up capital.

Sun Life Grepa Financial, Inc. is the result of the business partnership between the Yuchengco Group of Companies and Sun Life Financial Philippines. It was also known previously as Grepa Financial. Its subsidiaries include Grepa Realty Holdings Corporation, Grepa Asset Management Corporation, and Great Life Financial Assurance.

Sun Life Grepa is:

  • Top #8 in assets
  • Top #10 in net worth
  • Top #12 in net income
  • Top #13 in premium income
  • Top #19 in paid up capital

The following shows complete reports for year 2018 from the Insurance Commission.

Philippines’ top life insurance companies based on assets 2018

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

Here is the complete report from the Insurance Commission.

 Insurance Commission: The top life insurance companies on assets for 2018
Insurance Commission: The top life insurance companies on assets for 2018

Philippines’ top life insurance companies based on premium income 2018

Now, with individual ranking. 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.

Insurance Commission: The top life insurance companies on premium income for 2018
Insurance Commission: The top life insurance companies on premium income for 2018

Philippines’ top insurance companies based on net income 2018

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.

 Insurance Commission: The top life insurance companies on net income for 2018
Insurance Commission: The top life insurance companies on net income for 2018

Philippines’ top insurance companies based on paid-up capital 2018

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
 Insurance Commission: The top life insurance companies on paid-up capital for 2018
Insurance Commission: The top life insurance companies on paid-up capital for 2018

Philippines’ top insurance companies based on net worth 2018

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
 Insurance Commission: The top life insurance companies on net worth for 2018
Insurance Commission: The top life insurance companies on net worth for 2018
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30 thoughts on “Top 10 Philippine life insurance companies”

  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!

      1. My name is Michael tagud I can be your financial advisor
        Here’s my contact number
        0910-635-9316
        0977-219-2376

    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.

    3. I just got this discovered. I hope to read more articles, or perhaps a periodic update on the info provided here. Best wishes. I am a certified investment solicitor with Sun Life Asset Management Company, Inc. If ever, you can still ask me questions on investing and investment plans.

  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!

  4. I am sure this article has touched all the internet viewers, its really really pleasant. It is the best. I’ve read this and if I may just I want to suggest you few attention-grabbing issues or advice. I want to learn even more about it! This is a topic which is near to my heart… Cheers!

  5. It’s an remarkable article in support of all the web
    users; they will get benefit from it I am sure.

  6. Good day Sir,
    What suits you will be definitely based on what you need. You have to have an appointment with a trustworthy financial advisor whom is connected to an established insurance institution. You really have to make time with this because this is not just about your hard earned money but this is also about you, your family and your future.

    I hope this helps. God bless!

  7. It’s actually a great and helpful piece of information. I am happy that you simply shared this useful information with us.

    Please stay us informed like this. Thanks for sharing.

  8. Hi, this is very accurate so far. Some websites and vlogs are not as accurate as this one. Thanks for the data. Not biased indeed.

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