Sun Life still country’s top life insurer in 2017
SUN Life of Canada (Philippines) Inc. was the top life insurer in 2017 based on premium income with P32.11 billion, the Insurance Commission (IC) said on Thursday.
The IC released the list of top life insurers in 2017 in terms of net premiums, new business premiums, net income, assets, and net worth based on firms’ audited annual statements.
Philippine Axa Life Insurance Corp. was second, with P26.18 billion in net premiums last year.
BPI-Philam Life Assurance Corp. (BPI-Philam) ranked third with P20.33 billion in net premiums, followed by Philippine American Life & General Insurance Co., (Philam Life) with P19.90 billion, and Pru Life Insurance Corp. of UK (Pru Life UK) with P19.22 billion.
The top five firms kept their 2016 rankings. The life insurance industry overall had a combined premium income of P202.77 billion last year, 10.89% higher than the P182.86 billion recorded in 2016.
In terms of premiums from new policies, Sun Life remained on top with annual new business premiums worth P6.64 billion in 2017, followed by AXA Philippines with P5.36 billion, Pru Life UK with P4.81 billion, Philam Life with P4.17 billion, and BPIPhilam with P3.88 billion. •