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Philippines: Sun Life tops life league for 6th consecutive year

Source: Asia Insurance Review | Apr 2017

Sun Life of Canada (Philippines) has remained the country’s top insurer for the sixth straight year in 2016 in terms of total premium.
 
   Citing the latest data from the Insurance Commission, Sun Life said in a statement that its PHP31.8 billion (US$633 million) premium revenue last year marked a PHP10-billion lead over that of its nearest rival.
 
   Combining the operations of Sun Life Grepa Financial, Sun Life’s joint venture with the Yuchengco Group, the Sun Life group made over PHP37 billion in premium income in 2016. The group commanded a market share of 20% last year.
 
   Based on official data, the other second and third biggest players were Philippine Axa Life Insurance (PHP21.5 billion); and BPI Philam Life Assurance (PHP19.31 billion). 
 
   The life insurance industry posted a combined premium income of PHP182.79 billion in 2016.
 
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