Asian News - Philippines: Sun Life tops life insurance industry in 2015
Source: Asia Insurance Review | May 2016
Life insurer Sun Life of Canada (Philippines) has retained its position as the country’s top insurer as its total premium income last year was the highest in the industry, according to Insurance Commission (IC). This is the fifth year in a row that the insurer has led the rest of the industry.
The tentative ranking, based on companies’ unaudited quarterly statistics submissions to the IC, showed Sun Life ranked first among life insurers, ending 2015 with total premiums of PHP32.8 billion (US$709 million), slightly better than 2014’s haul of PHP30.7 billion, reported Business World citing Insurance Commissioner Emmanuel Dooc.
Sun Life was followed by Philippine AXA Life Insurance with PHP22.82 billion in total premiums; Philippine American Life and General Insurance with PHP21.17 billion; BPI Philam Life Assurance with PHP20.79 billion and Pru Life Insurance of UK with PHP19.81 billion.
Non-life insurers
Meanwhile, among non-life insurance companies, Prudential Guarantee & Assurance topped the rankings with PHP3.29-billion net premiums written last year, followed by Malayan Insurance with PHP2.94 billion; BPI/MS Insurance with PHP2.38 billion; Charter Ping An Insurance with PHP2.19 billion; and Pioneer Insurance & Surety with PHP1.88 billion.
The Philippines’ insurance industry reported a total premium income of PHP224.33 billion in 2015, higher by 18.7% from the PHP188.96 billion posted in 2014. Total net income of the industry grew by 44.2% to PHP23.67 billion last year.