Top Life Insurance Companies in the Philippines 2012

I’ve been getting a lot of email inquiries asking who the real Top Life Insurance Company in 2012. Some of them were saying according to the news, it is Sun Life. But according to some people they talked to from Pru Life UK, it is them. And still, some say it is still Philam Life.

Though they are all over the news as well as blogs, this issue can be quite confusing really. Why? Simply because, Insurance Commission used to rank these life insurance companies based on different categories. But that was in the previous years.

Starting last year 2012, for the Top Life Insurance Company in the Philippines, the Insurance Commission consolidated the categories into just one report – based on Premium Income. But then again, I’m not saying that they are wrong when one insurance company claims they are number one in a certain category. That may be true and they are entitled to that. But you now know what’s the real measurement, it is based on Premium Income.

Premium income is actually the grand total of all the other categories namely First Year Annualized Premium, Single Pay Premiums and Renewal Premiums. You can actually check the uploaded file in the website of Insurance Commission here

[Insurance Commission Report on Top Life Insurance Companies of 2012]
Click to Download here

Top Life Insurance Companies
Top 3 Life Insurance in the Philippines for 2012

Real Top 10 Life Insurance Companies of 2012

So who are the real Top 10 Life Insurance Companies of 2012? Check out the ranking below based on the report of the Insurance Commission.

Top Life Insurance Companies in the Philippines

RankCompanyTotal Premiums
1SunLife (Sun Life of Canada Phils Inc.)20,059,141,470
2Pru Life UK (Pru Life Insurance Corp. of UK)15,594,508,652
3Philam Life (Philippine American Life & General Insurance Co.)15,290,998,995
4Axa Life (Philippine AXA Life Insurance Corp.)12,276,847,946
5BPI Philam (BPI Philam Life Assurance Corp. Inc.)11,466,776,450
6Insular Life (Insular Life Assurance Co. Ltd)9,196,369,796
7Manulife (Manufacturers Life Insurance Co. Phils Inc.)7,484,931,565
8SunLife Grepa (Sun Life Grepa Financial, Inc.)5,822,710,899
9Manulife Chinabank Life Assurance Corp.4,512,496,563
10PNB Life (PNB Life Insurance Inc.) 3,932,788,072
11CocoLife (United Coconut Planters Life Assurance Corp.)2,909,832,587
12Generali Pilipinas Life Assurance Co., Inc.2,890,280,654
13Asian Life & General Assurance Corp.1,328,693,233
14Pioneer Life Inc.1,236,850,441
15Phil Prudential Life Insurance Company Inc.1,003,697,234
16Fortune Life Insurance Company, Inc.935,511,850
17First Life Financial Company, Inc.769,858,125
18CLIMBS Life & General Ins. Cooperative751,055,774
19Beneficial Life Insurance Corp.662,808,816
20Paramount Life and General Insurance Corp.616,414,014
21Country Bankers Life Insurance Corp.414,978,642
22Philippine Life Financial Assce. Corp254,904,169
23Cooperative Insurance System of the Phils190,645,731
24Manila Bankers Life Insurance Corp122,545,738
25Philam Equitable Life Assurance Co. Inc.97,204,915
26Philippines International Life Ins.Co. Inc89,014,276
27Banclife Insurance Co. Inc80,196,604
28Caritas Life Insurance Corp.74,864,158
29CAP Life Insurance Corp.72,220,143
30Sony Life Insurance (Phils) Corp.64,520,606
31BF Life Insurance Corp.47,245,446
32United Life Assurance Corp.36,691,347
33Great Life Financial Assurance Corp.
Ranking of Life Insurance Companies in the Philippines for 2012

 

2012 vs. 2011

What were the major changes in the ranking of 2012 vs. 2011?

[Top Life Insurance Companies in 2011]

  • Sun Life’s lead from the 2nd was a tremendous 5 Billion (almost) from 2011’s 300 Million
  • Pru Life UK is now 2nd from last year’s 4th place
  • Philam Life dropped to 3rd place from last year’s 2nd place
  • AXA Life dropped to 4th place from last year’s 3rd place
  • BPI Philam moved to 5th place from last year’s 6th place
  • Insular dropped to 6th place  from last year’s 5th
  • 7th and 8th place remain unchanged – still Manulife and Sun Life Grepa
  • Manulife Chinabank moved to 9th place from last year’s 12th place
  • PNB Life upped one notch to 10th from last year’s 11th place
  • United Cocolife bagged the 11th down from last year’s 9th place
  • Generali dropped to 12th place from last year’s  10th place

 

So next time someone claims their insurance company is the Top Life Insurance Company for 2012, you know better. 😀

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Garry Zaldy de Castro is an advocate, Financial Advisor, Certified Investment Solicitor (Mutual Fund Representative), blogger, IT practitioner, husband to Aileen and a dad to Jacob and JohnD. He started Financial Planning Philippines in 2008 just to share his financial learning to friends, relatives and anyone who wishes to be financially independent.

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