Top Life Insurance Companies in the Philippines for 2010

Looks like the Insurance Commission is now quick on this one – I just checked today and they have already released the Top Life Insurance Companies in the Philippines for 2010. Usually it takes more than 1 year before they make an update to their website. 😀 <keep up the good work>

The last time I made an update on the Top Insurance Companies in the Philippines was way back 2007 – see list here. Let’s make a quick comparison on who stayed on the top, who kept their rankings and who made good improvements after 3 years.

Top Insurance Companies in the Philippines for 2010
Top Insurance Companies in the Philippines for 2010

Top 15 Life Insurance Companies in the Philippines

according to Premium Income as of December 31, 2010
Rank Company Total Premiums
1 Philam Life & Gen. 11,254,874,199
2 Sunlife 10,633,280,619
3 Phil. Axa 8,359,866,264
4 Pru Life 7,356,704,771
5 Insular Life 7,129,014,421
6 BPI Philam Life 5,695,869,300
7 Manulife (Phils) 3,974,603,127
8 Grepalife Financial 3,492,356,444
9 United Cocolife 2,333,374,408
10 Generali Pilipinas 1,419,746,109
11 Asian Life & Gen 1,125,966,159
12 PNB Life 1,007,884,869
13 Pioneer Life 987,749,200
14 Manulife Chinabank 974,297,387
15 Phil. Prudential 828,153,747

Looking at the list, I’ve made some simple analysis based on

Who kept their rankings

  • Philam Life remained at the top.
  • Sunlife kept its 2nd position.
  • Ayala Life now BPI Philam remained at the 6th spot.
  • Generali is still at the 10th spot.
  • Pioneer remained at #13.

Who made good improvements?

  • Pru Life from #7 to #4.
  • Axa Life moved from #4 to #3.
  • Grepalife from #8 to #9.

Decliners

  • Insular from #3 to #5.
  • Manulife from #5 to #7.
  • United Cocolife from #8 to #9.
  • National Life dropped from top 15 .
  • Great Life also dropped.

New Entries to Top 15

  • Manulife Chinabank (I’m not sure if it’s the same with Manufacturers Life Insurance Co., Inc. The (Branch)
  • Phil Prudential at #15.

Please take note that in the end it wouldn’t really matter if your life insurance policy doesn’t belong to the Top Insurance Companies in the Philippines. As long as they are able to keep what they have promised to you, that for me will always be the best insurance company. (Altho for sure, others will say that it will simply show how stable is the company).
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Oh, just a quick note. Most likely, anyone in the Top 5 rankings can easily say that they are #1. Might be true coz there are different parameters used like first year premiums, premium income, first year premiums + 10% of single premium. The same reason why there are more than one company claiming to be the #1. 😀

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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.

13 comments

  1. Hello there, You have done an excellent job.
    I’ll definitely digg it and personally suggest to my friends. I’m
    sure they’ll be benefited from this website.

  2. meron po ba yung kasama yung health insurance pra sa hospitalization xpenses? para di na doble doble binabayaran? pls advise…thanks po

    1. There are other plans that include Hospital Income Benefit – meaning to say if you’ll be hospitalized for a minimum of 3 days, the insurance company will pay you a certain amount per day for the duration of your hospitalization. But it will be on a reimbursement procedure so you still have to shell out money.

      I’m not aware of any insurance product that works like that of Health Insurance (HMO) wherein you will no longer to shell out big amount of money.

      Personally, I didn’t get the Hospital Income Benefit (rider) for my insurance policy. Instead, I got a separate HMO for my family.

  3. is prudential  life insurance is one of the good life insurance company  in the phils. pls help me thanks

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