I’ve been getting a lot of inquiries on which company made it to the Top Life Insurance in the Philippines for 2013. Though some companies like Sun Life, Philam Life, AXA Life have released their individual performances as early as February, it’s only just a few days ago when the Insurance Commission released the official ranking for 2013.
Here are the Top 10 Life Insurance Companies in the Philippines for 2013
Changes from 2012 Rankings
(http://www.financialplanningph.com/top-life-insurance-companies-in-the-philippines-2012/)
Sun Life was able to retain their ranking at the top spot with P29B in Premium Income – almost 50% margin from it’s closest rival. They were also able to capture the top rank in First Year Annual Premium and Single Pay category.
In 2012, the biggest surprise was that of Pru Life coming in strong at 2nd, passing the perennial Philam Life. This time, Philam Life again claimed the no. 2 spot with almost P20Billion income.
Also in 2012, AXA Life was at no. 4 spot. This time, they were able to surpass Pru Life with a very thin margin just like in 2011.
Manulife, previously in no. 7 is now up to 5th spot. Same with Sun Life Grepa, now up by 1 notch from 8th rank to 7th.
BPI Philam from 5th is now down to 6th.
Insular Life from 6th, now down to 8th position.
Manulife Chinabank and PNB Life retained their ranking on the 9th and 10th level.
On Growth
If we are to base growth of the whole insurance industry in this 10 Insurance companies, we can easily conclude that it grew by around 45% vs. that of 2012.
And we are to rank them based on growth per company, we are seeing great improvements.
- Sun Life Grepa grew by 106%
- Manulife from P7.4Billion in 2012, is now at P15Billion with a growth of P100%
- Manulife Chinabank also grew by 82%
- PNB Life grew by 62%
- AXA Life posted a 49% growth
- Sun Life made a 48% increase
- Philam Life increased by 31% followed by BPI Philam with 25% growth.
- Insular grew by 21%
- Pru Life inched by 15%
Full 2013 Ranking of Life Insurance Companies in the Philippines
| Rank | Company | Total Premiums |
|---|---|---|
| 1 | SunLife (Sun Life of Canada Phils Inc.) | 29,698,715,623 |
| 2 | Philam Life (Philippine American Life & General Insurance Co.) | 19,966,987,573 |
| 3 | Axa Life (Philippine AXA Life Insurance Corp.) | 18,268,155,988 |
| 4 | Pru Life UK (Pru Life Insurance Corp. of UK) | 18,001,254,720 |
| 5 | Manulife (Manufacturers Life Insurance Co. Phils Inc.) | 15,004,335,932 |
| 6 | BPI Philam (BPI Philam Life Assurance Corp. Inc.) | 14,282,041,843 |
| 7 | SunLife Grepa (Sun Life Grepa Financial, Inc.) | 11,982,117,629 |
| 8 | Insular Life (Insular Life Assurance Co. Ltd) | 11,153,523,701 |
| 9 | Manulife Chinabank Life Assurance Corp. | 8,204,691,098 |
| 10 | PNB Life (PNB Life Insurance Inc.) | 6,366,923,902 |
| 11 | CocoLife (United Coconut Planters Life Assurance Corp.) | 4,185,673,806 |
| 12 | Generali Pilipinas Life Assurance Co., Inc. | 3,919,245,592 |
| 13 | Pioneer Life Inc. | 1,958,189,444 |
| 14 | Asian Life & General Assurance Corp. | 1,653,213,831 |
| 15 | Phil Prudential Life Insurance Company Inc. | 1,108,035,018 |
| 16 | Fortune Life Insurance Company, Inc. | 1,041,676,972 |
| 17 | First Life Financial Company, Inc. | 796,511,934 |
| 18 | CLIMBS Life & General Ins. Cooperative | 745,175,514 |
| 19 | Paramount Life and General Insurance Corp. | 605,426,437 |
| 20 | Country Bankers Life Insurance Corp. | 522,681,813 |
| 21 | Philippine Life Financial Assce. Corp | 323,790,696 |
| 22 | Cooperative Insurance System of the Phils | 204,252,656 |
| 23 | Manila Bankers Life Insurance Corp | 145,776,426 |
| 24 | Philam Equitable Life Assurance Co. Inc. | 62,104,997 |
| 25 | Banclife Insurance Co. Inc | 44,945,056 |
| 26 | United Life Assurance Corp | 35,211,856 |
| 27 | Great Life Financial Assurance Corp. | - |
Note: BF Life, Beneficial Life, CAP Life, Caritas Life & Phil. Interlife have not yet submitted
Historical ranking based on Premium Income.
In 2010, Philam Life as the Top company posted a total premium income of P11Billion.
(http://www.financialplanningph.com/top-life-insurance-companies-in-the-philippines-for-2010/)
In 2011, Sun Life Financials became the Top company with a total premium income of P13.8Billion
(http://www.financialplanningph.com/top-life-insurance-philippines-2011/)
In 2012, Sun Life Financial retained their ranking with a posted premium income of P20Billion
(http://www.financialplanningph.com/top-life-insurance-companies-in-the-philippines-2012/)
[TRIVIA] Did you know that aside from Premium Income, Insurance companies are also ranked according to Annualized First Year Premium, Single Premium and Renewal Premium? All these 3 make the Premium Income ranking.
source: Insurance Commission website (http://www.insurance.gov.ph)
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