Malayan Insurance has retained its position as a leader in the non-life insurance industry in the Philippines for 47 years, in terms of gross premiums written (GPW) and net premiums written (NPW) in 2016.
The rankings are based on the annual reports and financial statements submitted by non-life and general insurance companies operating in the Philippines.
According to industry figures released by the Insurance Commission (IC), Malayan Insurance produced GPW amounting to PHP9.05 billion (US$177.5 million) last year, about 8% higher than in 2015. The company also produced a total of about PHP4.2 billion in NPW in 2016, representing an increase of 23% compared to 2015, reported Manila Bulletin.
In comparison, NPW of all non-life insurance companies for 2016 increased by 16.2% to PHP41.6 billion. There are more than 60 nonlife insurers operating in the country.
Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies (YGC). YGC is one of the largest conglomerates in the Philippines, with core businesses in financial services, banking, investments, construction, education, energy, and information technology.