I have good news to all Sun Lifers’ readers and Sun Life policy holders alike. Sun Life is the No. 1 Life Insurance company in the Philippines for 2011 based on premium income! That’s a mouthful.
This is according to the latest report released by the Insurance Commission – pdf file here
For the longest time, Philam life has been holding to that title even though there were other categories wherein Sun Life had been superior in the last 2 years. But getting the title “based on premium income” is quite a feat considering the size difference in the agency force of Philam Life with Sun Life.
[ad#content300] And how much is the difference in premiums? A measly around P300 million.
On no. 3 seat is Axa Life followed closely by Pru Life UK and Insular Life at 5th spot.
Comparing the ranking with that of Top Life Insurance companies in the Philippines in 2010, you’ll notice that the changes were not that much. Just a swap on the 1st and 2nd spot. PNB Life moved 1 notch from 12th place last year now on 11th place.
Asian Life moved 2 notches below to 13th place, Pioneer Life from 13th, now in the 14th place and Manulife Chinabank from 14th now in 12th place.
And if you’ll notice, the name of the game now is bancassurance like Sun Life Grepa which is non existent before.
Below is listing of the Top Life Insurance Companies in the Philippines for 2011.
Top Life Insurance Companies in the Philippines for 2011
Rank Company Total Premiums
1 SunLife (Sun Life of Canada Phils Inc.) 13,884,308,664
2 Philam Life (Philippine American Life & General Insurance Co.) 13,507,442,515
3 Axa Life (Philippine AXA Life Insurance Corp.) 9,983,494,021
4 Pru Life UK (Pru Life Insurance Corp. of UK) 9,900,022,868
5 Insular Life (Insular Life Assurance Co. Ltd) 7,483,646,727
6 BPI Philam (BPI Philam Life Assurance Corp. Inc.) 6,420,399,324
7 Manulife (Manufacturers Life Insurance Co. Phils Inc.) 4,994,562,292
8 SunLife Grepa (Sun Life Grepa Financial, Inc.) 3,048,820,156
9 United Cocolife 2,916,473,766
10 Generali Pilipinas Life Assurance Co., Inc. 2,079,639,957
11 PNB Life (PNB Life Insurance Inc.) 2,026,879,674
12 Manulife Chinabank Life Assurance Corp. 1,732,352,220
13 Asian Life & General Assurance Corp. 1,298,458,158
14 Pioneer Life Inc. 1,058,272,554
15 Phil Prudential Life Insurance Company Inc. 979,585,514
16 Fortune Life Insurance Company, Inc. 828,661,373
17 First Life Financial Company, Inc. 715,435,317
18 Paramount Life and General Insurance Corp. 713,878,116
19 Beneficial Life Insurance Corp. 663,127,507
20 CLIMBS Life & General Ins. Cooperative 523,977,856
21 Country Bankers Life Insurance Corp. 310,638,028
22 Cooperative Insurance System of the Phils 304,355,986
23 Asian Financial Life 250,911,061
24 Manila Bankers Life Insurance Corp 128,394,370
25 Philam Equitable Life Assurance Co. Inc. 122,781,625
26 Philippines International Life Ins.Co. Inc 86,604,809
27 Caritas Life Insurance Corp. 68,894,412
28 CAP Life Insurance Corp. 67,250,301
29 Manulife (Branch) 66,340,729
30 BF Life Insurance Corp. 48,911,816
31 Sony Life Insurance (Phils) Corp. 46,848,675
32 United Life Assurance Corp. 43,619,424
33 Banclife Insurance Co. Inc 40,705,946
34 Great Life Financial Assurance Corp.
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