Top 10 Philippine life insurance companies 2021

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What is the best companies offering insurance in the Philippines?

This is an important question because many websites and blogs have different claims, so this article consolidates reports from the Insurance Commission released in July 2020.

2021 Insurance Commission report

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 critical illness 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. In 2019, the Insurance Commission (IC) included a new metric called new business annual premium equivalent or NBAPE, which was used to track sales performance of the industry in a given year.

This year, it issued a press release that included only five metrics (out of seven, as available on the website), which are asset, NBAPE, net income, net worth, and premium. The two that were not included are paid-up capital and invested asset. Thus, this article is going to follow the IC’s template.

10 best PH insurance companies of 2021

How did we come up with top ten ranking of insurance companies?

Data is consolidated by arranging the companies from highest to lowest separately according to the five metrics.

The company with the highest number in the category is ranked number 1, the next company becomes number 2, and so on. Bear in mind this is simply a shorthand way of bringing together these different metrics.

The result is a comparison as shown in the table.

And here are the top 10 life insurance companies.

CompanyRank
Sun Life of Canada (Philippines), Inc.1
Philippine American Life and General Ins. Co.2
Philippine Axa Life Insurance Corporation3
PRU Life Insurance Corporation of U.K.4
Manufacturers Life Insurance Co. (Phils.), Inc., The5
BPI-Philam Life Assurance Corporation6
Insular Life Assurance Company, Limited, The7
FWD Life Insurance Corporation8
Sun Life GREPA Financial, Inc.9
United Coconut Planters Life Assurance Corp.10

1. Sun Life of Canada (Philippines) Inc.

Sun Life of Canada (Philippines) Inc. comes in second in the ranking of top insurance companies in the Philippines, coming in first in three key metrics.

The company was established in the country through the British company H.J. Andrews and Co. After halting its business during 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 net income
  • Top 1 in premium income
  • Top 2 in asset
  • Top 2 in NBAPE
  • Top 2 in net worth

2. 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 7 in each category.

A local subsidiary of American Insurance Association, Philam Life was established in 1947. 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 asset
  • Top 1 in net worth
  • Top 2 in net income
  • Top 4 in premium income
  • Top 9 in NBAPE

3. Philippine AXA Life Insurance

Established in 1999, Philippine AXA Life Insurance 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 in premium income
  • Top 3 in asset
  • Top 3 in NBAPE
  • Top 5 in net income
  • Top 6 in net worth

4. Pru Life Insurance Corporation of U.K.

Coming in at number 8, 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 1 in NBAPE
  • Top 3 in premium income
  • Top 4 in net income
  • Top 5 in asset
  • Top 7 in net worth

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 NBAPE
  • Top 5 in net worth
  • Top 5 in premium income
  • Top 7 in asset
  • Top 7 in net income

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

Manufacturers Life Insurance Company (Philippines), Inc. or Manulife comes in fourth on the list. 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 3 in net income
  • Top 4 in net worth
  • Top 6 in asset
  • Top 6 in NBAPE
  • Top 11 in premium income

7. Insular Life Assurance Corporation

The Insular Life Assurance Company is ranked number 6 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 3 in net worth
  • Top 4 in NBAPE
  • Top 6 in net income
  • Top 10 in premium income
  • Top 12 in NBAPE

8. FWD Life Insurance Corporation

With international footprint in Hong Kong, Indonesia, Japan, Macau, Malaysia, Singapore, Thailand, and Vietnam, FWD Life Insurance Corporation established its operations in the country in September 2014. And yet it’s recorded fast growth despite its relatively brief history, now being part of the top 10 in three categories. It’s demonstrated strong performance in acquiring new business and premium income.

  • Top 4 in NBAPE
  • Top 9 in premium income
  • Top 12 in asset
  • Top 12 in net income
  • top 12 in net worth

9. Sun Life GREPA Financial, Inc.

Sun Life GREPA Financial, Inc. is an insurance company by Sun Life Philippines and the Yuchengco Group of Companies (YGC). It was established in 1954 as Grepalife Financial. In 2011, it signed a joint venture agreement with Sun Life Financial, and the company was transformed to what it is known today.

The company is:

  • Top 8 in net income
  • Top 9 in net worth
  • Top 10 in asset
  • Top 11 in NBAPE
  • Top 13 in premium income

10. United Coconut Planters Life Assurance Corp.

United Coconut Planters Life Assurance Corp. (COCOLIFE) is company established in 1966. According to their website, they are the “biggest Filipino-owned stock” life insurance company.

The company is:

  • Top 9 in net income
  • Top 10 in NBAPE
  • Top 10 in net worth
  • Top 12 in premium income
  • Top 13 in asset

Insurance company ranking based on asset

Asset is defined as a company owns, benefits from or has use of in generating income. Philam ranks first on the list, making up a nearly fifth of the entire industry in terms of asset. In fact, both Philam and Sun Life (which comes in second) combined represents over a third of the industry.

NameAssetRank
Philippine American Life and General Ins. Co.291,223,060,5761
Sun Life of Canada (Philippines), Inc.274,212,700,6172
Philippine Axa Life Insurance Corporation141,500,316,0093
Insular Life Assurance Company, Limited, The140,928,039,6914
PRU Life Insurance Corporation of U.K.117,193,453,0605
Manufacturers Life Insurance Co. (Phils.), Inc., The117,133,189,6766
BPI-Philam Life Assurance Corporation112,255,295,6957
BDO Life Assurance Company, Inc.68,467,307,8408
Allianz PNB Life Insurance, Inc.51,615,114,1499
Sun Life GREPA Financial, Inc.48,574,787,00710
Complete Insurance Commission report on life insurance ranking based on asset 2021

Insurance company ranking based on NBAPE

NBAPE is new business annual premium equivalent, which is a new metric that is introduced this year by the Insurance Commission. It is derived from all the premiums paid or the annualized value of the first premium payment for newly opened insurance plans, plus 10% of single premiums.

PRU Life Insurance Corporation of U.K. ranks first, with Sun Life of Canada, Philippine Axa Life Insurance Corporation, FWD Life Insurance Corporation, and BPI Philam Life Assurance Corporation completing the top 5.

CompanyNBAPERank
PRU Life Insurance Corporation of U.K.7,950,610,1721
Sun Life of Canada (Philippines), Inc.7,800,338,5562
Philippine Axa Life Insurance Corporation4,805,192,2393
FWD Life Insurance Corporation2,872,145,9884
BPI-Philam Life Assurance Corporation2,833,506,1075
Manufacturers Life Insurance Co. (Phils.), Inc., The2,757,772,7996
BDO Life Assurance Company, Inc.2,261,607,5667
Allianz PNB Life Insurance, Inc.2,233,140,1008
Philippine American Life and General Ins. Co.1,861,860,5569
United Coconut Planters Life Assurance Corp.1,477,778,43610

The report also breaks down the numbers into traditional insurance products (such as term insurance plans) and variable universal life plans.

Under the traditional category, the market leaders are Sun Life of Canada, United Coconut Planters Life Assurance Corporation, BDO Life Assurance Company, Inc., Philippine Axa Life Insurance Corporation, and Pioneer Life, Inc.

On the other hand, PRU Life Insurance Corporation of U.K., Sun Life of Canada (Philippines), Inc, and Philippine Axa Life Insurance Corporation lead the pack in selling variable plans.

Complete Insurance Commission report on life insurance companies based on NBAPE 2021

Insurance company ranking based on net income

Net income is the total earnings of the company minus all expenses and taxes. For this category, Sun Life is ranked #1. Philippine American Life and General Ins. Co., Manufacturers Life Insurance Co. (Phils.), Inc., PRU Life Insurance Corporation of U.K., and Philippine Axa Life Insurance Corporation complete the list of the top 5.

CompanyNet incomeTotal
Sun Life of Canada (Philippines), Inc.8,467,831,2231
Philippine American Life and General Ins. Co.4,522,387,2522
Manufacturers Life Insurance Co. (Phils.), Inc., The4,048,885,1033
PRU Life Insurance Corporation of U.K.3,274,475,4244
Philippine Axa Life Insurance Corporation2,832,628,2795
Insular Life Assurance Company, Limited, The2,695,144,5756
BPI-Philam Life Assurance Corporation1,432,222,7227
Sun Life GREPA Financial, Inc.958,088,1238
United Coconut Planters Life Assurance Corp.674,222,2689
Manulife Chinabank Life Assurance Corporation382,850,46010
Complete Insurance Commission on life insurance companies based on net income 2021

Insurance company ranking based on net worth

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

For this year, Philippine American Life and General Ins. Co. tops the list. It is followed by Sun Life of Canada, (Philippines), Inc., Insular Life Assurance Company, Limited, Manufacturers Life Insurance Co. (Phils.), and BPI-Philam Life Assurance Corporation.

CompanyNet worthRank
Philippine American Life and General Ins. Co.78,437,432,7781
Sun Life of Canada (Philippines), Inc.31,342,290,3352
Insular Life Assurance Company, Limited, The28,218,651,4773
Manufacturers Life Insurance Co. (Phils.), Inc., The12,860,959,6034
BPI-Philam Life Assurance Corporation8,817,496,1935
Philippine Axa Life Insurance Corporation8,044,250,8096
PRU Life Insurance Corporation of U.K.6,106,195,0287
BDO Life Assurance Company, Inc.5,275,716,3998
Sun Life GREPA Financial, Inc.4,220,141,9279
United Coconut Planters Life Assurance Corp.3,032,631,18410

And here is the complete Insurance Commission net worth report.

Complete Insurance Commission report on life insurance companies based on net worth 2021

Insurance company ranking based on premium income

Premium income means the total amount of collections that were paid for all policies by the policyholders. The report breaks down the premium into first year premium, single-pay, and renewal.

Sun Life of Canada (Philippines), Inc. ranks first, followed by Philippine Axa Life Corporation, PRU Life Insurance Corporation of U.K., Philippine American Life and General Ins. Co. and BPI-Philam Life Assurance Corporation.

CompanyPremium incomeRank
Sun Life of Canada (Philippines), Inc.39,266,099,7241
Philippine Axa Life Insurance Corporation31,267,077,1222
PRU Life Insurance Corporation of U.K.30,982,187,5153
Philippine American Life and General Ins. Co.16,766,045,8184
BPI-Philam Life Assurance Corporation16,297,767,1255
Manufacturers Life Insurance Co. (Phils.), Inc., The15,883,457,7636
Allianz PNB Life Insurance, Inc.15,764,874,4457
BDO Life Assurance Company, Inc.15,137,537,1548
FWD Life Insurance Corporation13,642,659,2859
Insular Life Assurance Company, Limited, The10,372,723,11510

On first year premium, the following companies comprise the top 5: PRU Life Insurance Corporation of U.K., Sun Life of Canada (Philippines), Inc., Philippine Axa Life Insurance Corporation, Manulife Life Insurance Corporation, and BPI-Philam Life Assurance Corporation.

On single-pay plans, the following companies make up the top 5: Philippine Axa Life Insurance Corporation, Allianz PNB Life Insurance, Inc., FWD Life Insurance Corporation, Manulife Chinabank Life Assurance Corporation, The, and Sun Life of Canada (Philippines), Inc.

On renewal, the companies that are top of the rankings are Sun Life of Canada (Philippines), Inc., PRU Life Insurance Corporation of U.K., Philippine Axa Life Insurance Corporation, Philippine American Life and General Ins. Co., and BDO Life Assurance Company, Inc.

The companies that collected the most premiums on traditional insurance products are BDO Life Assurance Company, Inc., Sun Life of Canada (Philippines), Inc., United Coconut Planters Life Assurance Corp., Philippine American Life and General Ins. Co., and Manufacturers Life Insurance Co. (Phils.), Inc., The

Lastly, the the companies that collected the most premiums on variable products are Sun Life of Canada (Philippines), Inc., PRU Life Insurance Corporation of U.K., Philippine Axa Life Insurance Corporation, BPI-Philam Life Assurance Corporation, and Allianz PNB Life Insurance, Inc.

Complete Insurance Commission report on life insurance companies based on premium 2021

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42 thoughts on “Top 10 Philippine life insurance companies 2021”

  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. Hi Jenson, Philam life offers mutual fund investment. For this matter i may help you. Email me your concern.

    3. 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.

    4. 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.

  9. Hi there. I’ve seen and noticed that the blog is somewhat malicious and misleading. Why paid-up capital is given the same weight as other financial reports?

    From simple research, paid-up capital is just money from investors in exchange of shares. Thus, the resulting list is diluted. I suggest more research on this matter as many may be confused from pseudo facts presented. I hope you don’t take it hard. Thanks 🙂

    1. Hi, Garry. The ranking is done by consolidating the categories which are given equal weight. This agnostic appreciation of the data is a way to come up with a ranking that is as close to being objective as possible. Favoring one or more categories (even by mentioning one category first) over the others—which is what can be found with a simple Google search and on so many FB pages—is exactly what this article is written to avoid.

  10. Wow. This is what I am looking for. A collective points of best of the best (maximax). Your post is unbiased and backed by legit sources. Anyways, should I look at net worth of a life insurance company if I am after the paying dividends as most FAs discussed in the projected living benefits (accumulated dividends)? Also, would it mean that the higher the premium income, the lower the claims filed/approved by the policybolder? Is that a good or bad thing? Hehe. Thank you

    1. Hi, Angie. Please understand that the data does not speak any correlation to the way insurance policies are administered, such as dividends being paid out on individual plans as you pointed out. Secondly premium income, according to Insurance Commission, is “revenue generated by a Life Insurance Company from the total premium it charges on its policies.” It just tells you how much premiums were paid by all customers to the company.

  11. For me the best insurance company is top on liquidity and claims. Being top in assets may take a while to dispose in case of emergency. More so on how they treat and trained their financial advisors. Treat the advisors well and they will take good care of the clients. This is not about the company its about the advisor as they are all regulated by insurance commission.

    1. Hi. While there is some truth about company’s ability to take care and the competence of individual agents, the above article simply states the financial measurements that the Insurance Commission deems important.

  12. Hi, i am very confused about philam life is a top number 1 insurance company base on you’re website while I’ll seeing some information in facebook that the top number 1 insurance company is pru life uk as of 2020 they posted at dec 16.. but here its updated on Dec 18 2020.. Some of employees of the insurance company they claim to be a top 1. But base on the overall its not true.. i know this website is trusted. But What is you’re reaction to my concern help me to understand thank you.

    1. Hi Jeffrey.
      1. All reports that you see here are from Insurance Commission for the whole year of 2019. Data that you see elsewhere may be sourced from the quarterly reports that companies submit to IC.
      2. The consolidation of data in the article is done to summarize the annual (not quarterly) reports. It is a way to avoid nitpicking a metric that might be misconstrued as showing bias to a particular company.

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