SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) and Pioneer Insurance and Surety Corp. were the top life and nonlife insurers in 2024 in terms of premium income, data from the Insurance Commission (IC) showed.
Sun Life Philippines posted the highest premium income among life insurers last year at P57.155 billion, while Pioneer Insurance booked P6.28 billion in net premiums written to top the nonlife sector, IC rankings based on firms’ submissions of unaudited enhanced quarterly reports on selected financial statistics showed.
“To be the number one life insurance company is a tremendous honor for Sun Life, more so as we celebrate our 130th anniversary of serving the Filipino nation. This remarkable achievement is a testament to the trust and support of our clients. It also reflects the hard work and dedication of Sun Life employees and advisors, and their relentless pursuit of excellence in serving our clients,” Sun Life Philippines Chief Executive Officer and Country Head Benedict C. Sison said in a statement on Monday.
“With total earned premiums amounting to P57.15 billion, Sun Life bested the nearest competitor by more than P9 billion, establishing itself as the market leader for the 14th year in a row. In addition, Sun Life ranked number one in net income, invested assets, and total assets,” the company added.
LIFE INSURERSIn terms of premium income, Pru Life Insurance Corp. of UK (Pru Life UK) was ranked second among life insurance firms with P48.15 billion, followed by FWD Life Insurance Corp. (FWD Life Philippines) with P39.85 billion, Allianz PNB Life Insurance Inc. with P32.13 billion, with AXA Philippines Life and General Insurance Corp. (AXA Philippines) rounding out the top five at P26.55 billion.
BDO Life Assurance Co., Inc. (BDO Life) recorded the sixth-highest premium income in 2024 at P19.69 billion, followed by The Insular Life Assurance Co., Ltd., (Insular Life) at P18.46 billion, and BPI-AIA Life Assurance Corp. (BPI-AIA Life) at P17.7 billion.
The Manufacturers Life Insurance Co. (Phils.), Inc., (Manulife Philippines) was in ninth place at P15.83 billion, while Sun Life Grepa Financial, Inc. rounded out the top 10 with a premium income of P14.49 billion.
Meanwhile, based on net income, Sun Life Philippines topped life insurers with P10.98 billion, followed by BPI-AIA Life at P4.81 billion, BDO Life at P4.26 billion. Pru Life UK at P3.72 billion, and the life unit of AIA Philippines Life and General Insurance Co. Inc. (AIA Philippines) with P3.53 billion.
In terms of new business annual premium equivalent or NBAPE, Pru Life UK was the top life insurer with P9.83 billion, followed by Sun Life Philippines with P8.96 billion, FWD Life Philippines at P7.74 billion, BPI-AIA Life at P5.31 billion, and BDO Life with P4.69 billion.
Meanwhile, AIA Philippines’s life unit had the highest net worth among life insurance companies at P55.94 billion, followed by Sun Life Philippines at P52.42 billion, Insular Life at P43.09 billion, BDO Life with P24.01 billion, and Manulife Philippines at P16.88 billion.
Sun Life Philippines was the largest life insurer in terms of assets at P328.79 billion, followed by AIA Philippines’ life unit with P256.35 billion, AXA Philippines with P174.49 billion, Insular Life at P155.92 billion, and Pru Life UK at P148.49 billion.
The life insurance sector’s premium income grew by 13.56% to P352.02 billion in 2024 from P309.99 billion, according to IC data based on submissions of 31 out of 35 licensed companies.
NONLIFE INSURERSMeanwhile, in terms of net premiums written (NPW), Malayan Insurance Co., Inc. was the second top performer among nonlife firms with P5.36 billion, followed by Prudential Guarantee & Assurance, Inc. (PGA) at P4.29 billion, Stronghold Insurance Co., Inc. (Stronghold Insurance) at P4.11 billion, BPI/MS Insurance Corp. (BPI/MS Insurance) at P3.15 billion.
Standard Insurance Co. Inc. was in sixth place with P3.08 billion, followed by Pacific Cross Insurance, Inc. with P2.81 billion, Mercantile Insurance Co., Inc. at eighth place with P2.62 billion, the nonlife unit of AXA Philippines at ninth with P2.14 billion, and with the nonlife unit of Paramount Life & General Insurance Corp. rounding out the top 10 with P2.02 billion in premium income.
Based on net income, Insurance Company of North America was the top performer at P585.75 million, followed by Pioneer Insurance with P529.52 million, Standard Insurance with P433.75 million, Stronghold Insurance with P431.92 million, and Petrogen Insurance Corp. with P431.92 million.
Meanwhile, Pioneer Insurance had the highest net worth among nonlife insurers in 2024 at P18.24 billion, followed by Malayan Insurance at P6.03 billion, Standard Insurance at P4.95 billion, Petrogen Insurance with P4.45 billion, and Travellers Insurance & Surety Corp. with P4.41 billion.
Pioneer Insurance was also the largest nonlife insurance company in terms of assets with P54.8 billion, followed by Malayan Insurance with P40.92 billion, PGA with P20.57 billion, BPI/MS Insurance with P17.75 billion, and Standard Insurance with P10.86 billion.
The combined net premiums written of nonlife insurers grew by 10.49% year on year to P71.84 billion in 2024, IC data based on submissions of 55 out of 59 licensed firms showed. — Aaron Michael C. Sy
