Sun Life remains top PH life insurer in 2019
Sun Life of Canada (Philippines), Inc. remained the country’s leading life insurer.
Based on Insurance Commission’s audited statistics, Sun Life Philippines ranked first among industry players in terms of premium income, new business annual premium equivalent (NBAPE), and net income for 2019.
Sun Life Philippines’ premium income amounted to ₱39.51 billion for both traditional and variable life insurance products last year, while its NBAPE totalled ₱9.61 billion and registered a ₱8.21-billion profit.
In terms of premium income, Pru Life Insurance Corp. of U.K. ranked second with ₱26.97 billion, while Philippine Axa Life Insurance Corp. and Manufacturers Life Insurance Co. (Phils.), Inc. secured the third and fourth spots with ₱26.24 billion and ₱18.35 billion, respectively.
Coming in at the fifth and sixth ranks were BPI-Philam Life Assurance Corp. with ₱17.24 billion and Philippine American Life & General Insurance Co. with ₱16.64 billion, respectively.
Next on the list was BDO Life Assurance Company, Inc. as seventh with ₱14.88 billion, followed by Insular Life Assurance Co., Ltd. as eighth with ₱12.67 billion.
To complete the top 10 list, FWD Life Insurance Corp. ranked ninth with ₱9.52 billion, and Allianz PNB Life Insurance, Inc. ranked tenth with ₱9.44 billion.
In terms of NBAPE, Pru Life U.K. also ranked second with ₱7.67 billion, followed by Philippine Axa Life as third with ₱5.50 billion, and
Manufacturers Life Insurance as fourth with ₱4.36 billion.
The fifth spot was occupied by BPI-Philam Life with ₱3.9 billion, while sixth on the list was BDO Life Assurance wit ₱3.68 billion.
Seventh and eighth on the list were Philippine American Life & General Insurance with ₱3.48 billion, and FWD Life with ₱2.94 billion, respectively.
Completing the top 10 list were United Coconut Planters Life Assurance Corp. as ninth with ₱2.18 billion, and Insular Life as tenth with ₱1.91 billion.
“A life insurer’s NBAPE is computed by obtaining the sum of the value of regular premiums from products newly sold in a specific year (or the initial annualized premium) and ten 10 percent of single premiums written,” Insurance Commissioner Dennis B. Funa said.
“It is an international standard that the IC has adopted to more accurately measure the life insurance industry’s sales performance,” he aded.
In terms of net income, Philippine American Life & General Insurance came in at the second spot (₱7.67 billion), third was Pru Life (₱4.4 billion), fourth was Philippine Axa Life (₱3.39 billion), and fifth was Insular Life Assurance (₱2.94 billion).
Sixth was Manufacturers Life Insurance (₱2.79 billion), seventh was BDO Life Assurance (₱2.23 billion), eighth was BPI-Philam Life Assurance (₱1.18 billion), ninth was Sun Life Grepa Financial, Inc. (₱845.86 million) and United Coconut Planters Life Assurance Corp. (₱719.54 million).