Non-life insurers post 8.77% premium growth in 2017

Non-life insurance companies posted an 8.77% rise in gross premiums written as of end 2017, compared to the previous year, data from the Insurance Commission showed.

The non-life insurers posted billion in gross premiums written as of end December 2017 compared to billion in 2016.

Malayan Insurance, a member of the Yuchengco Group of Companies, has retained its market leadership in terms of gross premiums written with a reported billion gross premiums written for the year 2017.

Prudential Guarantee & Assurance Inc., and Pioneer Insurance & Surety Corporation kept the second and third rank, respectively, with billion and with billion. BPI/MS Insurance Corporation

billion) and Charter Ping An Insurance Corporation billion) complete the top five non-life insurers in terms of gross premiums written.

Gross premiums written is the sum of the premiums from direct business and assumed premiums before the effect of ceded reinsurance.

The net premiums written of nonlife insurers likewise increased to

billion as of end 2017, up by 15.80% year-on-year.

Prudential Guarantee & Assurance, Inc. likewise retained its market leadership in terms of net premiums written for the year 2017 with a recorded net premiums written of billion.

It was followed by Charter Ping An, who ranked fourth (4th) in 2016, with net premiums writtenof billion followed by Malayan lnsurance Company, Inc. who took the top spotin 2016, with billion.

BPI/MS lnsurance Corporation with billion and FPG lnsurance Co., lnc. with billion complete the top five in terms of net premium written.

Net premiums written is the gross premiums written less reinsurance cessation. Itrepresents how much of the premiums the company gets for assuming risk.

These data are based on the submitted annual statements by the nonlife insurance companies.

The complete list of ranking based on gross premiums written, net premiums, written, net income, premiums earned, assets, net worth, paid-up capital and invested assets for 2017 are posted in the website of the Insurance Commission at www.insurance.gov.ph