Top 10 Philippine life insurance companies 2020

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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.

2020 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. This year’s Insurance Commission‘s report covered the previous year, 2019. In the past, the government agency ranks each company in five categories:

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

What’s new this year?

Well, the Insurance Commission introduced a new metric: new business annual premium equivalent or NBAPE. According to IC Commissioner Dennis B. Funa in Business Mirror, it is used internationally to track the sales performance of the industry in a given year. (More of this in the later section.)

10 best PH insurance companies of 2020

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

Consolidated PH insurance companies ranking based on six categories.

And here are the top 10 life insurance companies.

CompanyRank
Philippine American Life & Gen. Ins. Co. (life unit )1
Sun Life of Canada (Philippines), Inc2
Philippine Axa Life Insurance Corporation3
Manufacturers Life Insurance Co.(Phils.), Inc., The4
BDO Life Assurance Company, Inc.5
Insular Life Assurance Company, Limited, The6
BPI-Philam Life Assurance Corporation7
PRU Life Insurance Corporation of U.K8
FWD Life Insurance Corporation9
United Coconut Planters Life Assurance Corp10

Philam tops the list by being number 1 in two out of six categories. Sun Life of Canada follows next and Philippine AXA Life Insurance comes in third. Below are some of the observations compared to 2019 year’s ranking.

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 7 in each category.

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 worth
  • Top #2 in net income
  • Top #5 in paid up capital
  • Top #6 in premium income
  • Top #7 in NBAPE

2. 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.

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 #1 in NBAPE
  • Top #1 in net income
  • Top #2 in assets
  • Top #2 in net worth
  • Top #17 in paid-up capital

3. 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 #3 on premium income
  • Top #3 in NBAPE
  • Top #4 on net income
  • Top #4 on assets
  • Top #6 on net worth
  • Top #7 on paid capital

4. 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 #4 in premium income
  • Top #4 in NBAPE
  • Top #4 in net worth
  • Top #5 in assets
  • Top #6 in net income
  • Top #8 in paid-up capital

5. 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 paid up capital
  • Top #5 in net income
  • Top #6 in NBAPE
  • Top #7 in net income
  • Top #7 in paid up capital
  • Top #8 in asset

6. 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 #3 in asset
  • Top #4 in net worth
  • Top #5 in net income
  • Top #8 in premium income
  • Top #10 in NBAPE
  • Top #10 in paid up capital

7. 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 NBAPE
  • Top #6 in asset
  • Top #7 in net worth
  • Top #8 in net income
  • Top #11 in paid up capital

8. 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 #2 in premium income
  • Top #2 in NBAPE
  • Top #3 in net income
  • Top #7 in asset
  • Top #9 in net worth
  • Top 20 in paid up capital

9. FWD Life Insurance Corporation

  • Top #3 in paid up capital
  • Top #8 in NBAPE
  • Top #9 in premium income
  • Top #11 in net worth
  • Top #12 in net income
  • Top #13 in asset

10. 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 #8 in net worth
  • Top #9 in NBAPE
  • Top #10 in net income
  • Top #11 in premium income
  • Top #12 in asset
  • Top #15 in paid up capital

Insurance company ranking based on asset

Asset is defined as a company owns, benefits from or has use of in generating income. In 2020, Philam, Sun Life, Insular Life, Philippine AXA, and Manulife top the list.

RankCompanyTotal
1Philippine American Life & Gen. Ins. Co. (life unit )290,159,607,279
2Sun Life of Canada (Philippines), Inc254,515,246,721
3Insular Life Assurance Company, Limited, The133,015,929,505
4Philippine Axa Life Insurance Corporation127,551,783,462
5Manufacturers Life Insurance Co.(Phils.), Inc., The114,899,552,272
6BPI-Philam Life Assurance Corporation108,825,947,777
7PRU Life Insurance Corporation of U.K106,222,905,282
8BDO Life Assurance Company, Inc.56,516,354,142
9Sun Life GREPA Financial, Inc.47,877,407,168
10Manulife Chinabank Life Assurance Corporation39,335,482,553
2020 Insurance Commission report on assets based from previous year

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. In 2020, Philam has the highest reported net worth of ₱87,684,334,099. It is followed by Sun Life, Insular Life, Manulife and BDO Life.

RankCompanyTotal
1Philippine American Life & Gen. Ins. Co. (life unit ) 87,684,334,099
2Sun Life of Canada (Philippines), Inc38,002,386,250
3Insular Life Assurance Company, Limited, The33,572,950,760
4Manufacturers Life Insurance Co.(Phils.), Inc., The16,141,908,184
5BDO Life Assurance Company, Inc.9,007,078,835
6Philippine Axa Life Insurance Corporation8,285,050,497
7BPI-Philam Life Assurance Corporation7,940,134,280
8United Coconut Planters Life Assurance Corp4,970,389,867
9PRU Life Insurance Corporation of U.K4,642,466,688
10Sun Life GREPA Financial, Inc.4,573,781,673
2020 Insurance Commission report on net worth based from previous year

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.

Sun Life is ranked number 1, followed by PRU Life, Philippine AXA, Manulife and BPI-Philam.

RankCompanyTotal
                1Sun Life of Canada (Philippines), Inc9,613,968,994
2PRU Life Insurance Corporation of U.K7,670,306,621
3Philippine Axa Life Insurance Corporation5,497,228,940
4Manufacturers Life Insurance Co.(Phils.), Inc., The4,358,045,029
5BPI-Philam Life Assurance Corporation3,903,271,770
6BDO Life Assurance Company, Inc.3,676,916,026
7Philippine American Life & Gen. Ins. Co. (life unit )3,475,138,508
8FWD Life Insurance Corporation2,936,592,061
9United Coconut Planters Life Assurance Corp2,175,946,553
10Insular Life Assurance Company, Limited, The1,913,216,661
2020 Insurance Commission report on NBAPE based from previous year

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 table below shows the total of both traditional and variable universal life (VUL) insurance policies, whether single-pay or regular-pay contracts.

Sun Life is #1 on this category, and it is followed by PRU Life, Philippine AXA, Manulife, and BPI-Philam.

RankCompanyTotal
1Sun Life of Canada (Philippines), Inc 39,513,806,284
2PRU Life Insurance Corporation of U.K26,965,125,719
3Philippine Axa Life Insurance Corporation26,236,763,146
4Manufacturers Life Insurance Co.(Phils.), Inc., The18,346,405,023
5BPI-Philam Life Assurance Corporation17,236,004,380
6Philippine American Life & Gen. Ins. Co. (life unit )16,636,434,473
7BDO Life Assurance Company, Inc.14,875,396,349
8Insular Life Assurance Company, Limited, The12,674,304,438
9FWD Life Insurance Corporation9,521,266,364
10Allianz PNB Life Insurance, Inc.9,444,335,690
2020 Insurance Commission report on premium income based from previous year

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. Philam, Pru Life, Philippine AXA and Insular Life complete the top 5.

RankCompanyTotal
1Sun Life of Canada (Philippines), Inc 8,210,981,224
2Philippine American Life & Gen. Ins. Co. (life unit )   7,665,044,618
3PRU Life Insurance Corporation of U.K   4,395,140,002
4Philippine Axa Life Insurance Corporation   3,388,641,553
5Insular Life Assurance Company, Limited, The   2,940,203,812
6Manufacturers Life Insurance Co.(Phils.), Inc., The   2,787,913,240
7BDO Life Assurance Company, Inc.   2,225,365,775
8BPI-Philam Life Assurance Corporation   1,175,442,370
9Sun Life GREPA Financial, Inc.       845,855,710
10United Coconut Planters Life Assurance Corp       719,536,317
2020 Insurance Commission report on net income based from previous year

Insurance company 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. East West Aegas Life Insurance Corporation is ranked first, and it is followed by Generali Life, FWD Life, BDO Life and Philam.

RankCompanyTotal
1East West Aegas Life Insurance Corporation 2,396,670,000
2Generali Life Assurance Philippines, Inc   2,321,260,600
3FWD Life Insurance Corporation   2,300,000,000
4BDO Life Assurance Company, Inc.   1,593,132,400
5Philippine American Life & Gen. Ins. Co. (life unit )   1,500,000,000
61 CISP Life and General Insurance (life unit)   1,084,691,875
7Philippine Axa Life Insurance Corporation   1,000,000,000
8Manufacturers Life Insurance Co.(Phils.), Inc., The       930,000,000
9CLIMBS Life & General Insurance Coop. (life unit)       917,943,597
10Insular Life Assurance Company, Limited, The       900,000,000
2020 Insurance Commission report on paid up capital based from previous year
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40 thoughts on “Top 10 Philippine life insurance companies 2020”

  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.

  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.

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