News Non-Life09 Nov 2018

Philippines:Prudential Guarantee tops non-life field in net premiums in 2017

| 09 Nov 2018

Prudential Guarantee & Assurance (PGA) was named the top non-life insurer in the Philippines in 2017 based on premium income after writing PHP4.81bn ($91.2m) worth of net premiums, moving up from second place in 2016, according to data from the Insurance Commission (IC).

The IC released the list of top non-life insurers in 2017 on the basis of net premiums, assets, net worth and net income, based on audited annual statements submitted by the firms.

The top 5 non-life insurers in 2017 in terms of net premiums were:

Insurer

2017 net premiums

(PHP bn)

2017 ranking

2016 net premiums

(PHP bn)

2016 ranking

Prudential Guarantee & Assurance

4.81

1

3.99

2

Charter Ping An

4.08

2

2.21

4

Malayan Insurance

4.07

3

4.21

1

BPI/MS Insurance

2.96

4

2.69

3

FPG Insurance

2.51

5

2.16

5

Total of top 5

18.43

 

15.26

 

Total direct non-life

46.45

 

40.46

 

Source: Insurance Commission

There were around 60 insurers operating in the Philippine non-life market last year. Their combined net premium stood at PHP46.45bn. The top 5 insurers in terms of net premiums last year accounted for nearly 40% of the non-life market total, compared to 38% in 2016.

In terms of net income, the top 5 rankings for 2017 were:

 

2017 rank

 

2017 net income

 

Insurer

(PHP m)

1

BPI/MS Insurance

427.50

2

Prudential Guarantee & Assurance

259.78

3

Insurance Company of North America

212.13

4

Card Pioneer Microinsurance

210.34

5

Charter Ping An lnsurance

185.90


In terms of total assets and net worth, the top 5 rankings for 2017 were:

 

2017 rank

 

2017 total assets

 

 

2017 net worth

 

Insurer

(PHP bn)

Insurer

(PHP bn)

1

Malayan Insurance

38.81

Pioneer lnsurance & Surety

13.94

2

Pioneer lnsurance & Surety

25.43

Malayan Insurance

6.90

3

BPI/MS Insurance

12.59

Philippines First lnsurance

2.30

4

Prudential Guarantee & Assurance

12.57

BPI/MS Insurance

2.08

5

Charter Ping An lnsurance

10.53

AIG Philippines lnsurance

1.79

 

The combined assets of the top five non-life insurance companies accounted for 48.72% of the total assets of the non-life insurance industry last year.

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