The Top 10 Life Insurance Companies in the Philippines 2022

Top 10 Life Insurance Companies in the Philippines 2022

Now, let us know more about Top 10 Life Insurance Companies in the Philippines that complete the list. We ranked the best life insurers in the Philippines based on their annual premium revenue. The following table provides a high-level overview of how each firm has performed.

Insurance CompanyPremium IncomeNBAPENet IncomeNet WorthTotal Assets
Sun Life12231
AXA2357 3
Pru Life UK31810 5
Allianz PNB Life4413199
BDO Life65758
BPI-AIA7 7667
Manulife Chinabank992416 10
AIA Philippines1010112

So here are the top 10 life insurance companies in the Philippines in 2022.

1. Sun Life of Canada (Philippines) Inc.

Sun Life of Canada (Philippines) is the country’s first and oldest life insurance provider, having set up shop in 1895. There’s no denying that Sun Life is the go-to life insurance provider for the majority of American families due to its reliability in keeping policyholders’ promises. This explains why it has remained the nation’s leading life insurance provider for so long.

➡ Premium Income: 1
➡ NBAPE: 2
⬇ Net Income: 2
⬇ Net Worth: 3
⬆ Total Assets: 1

Sun Life remained the leading life insurance company in the Philippines based on Premium Income for the eleventh consecutive year in 2022.

In addition, in terms of NBAPE, it trails Prulife by only a small margin of Php 75 Million.

Despite a slight decline in net worth and net income, it surpasses AIA Philippines in Total Assets, seizing the number one position.

READ: How Insurance Works, Its Definition, and Main Types of Insurance

2. Philippine AXA Life Insurance, Corp.

It was only in 1999 that AXA Philippines was founded in the Philippines, but its bancassurance operation has led to significant expansion and market penetration. It is a joint venture between the AXA Group and the Metrobank Group.

➡ Premium Income: 2
➡ NBAPE: 3
➡ Net Income: 5
⬇ Net Worth: 7
➡ Total Assets: 3

In fact, the company has maintained its position in the majority of categories, with the exception of Net Worth, where it has dropped one spot. Despite being a stable business, it almost did not acquire new clients.

3. Pru Life Insurance Corp. of UK.

The company has been operating in the field of life insurance in the Philippines since 1996, making it 23 years old overall. Pru Life UK was able to secure the third spot on the list despite the fact that it is relatively new in comparison to its competitors.

➡ Premium Income: 3
➡ NBAPE: 1
⬇ Net Income: 8
⬇ Net Worth: 10
➡ Total Assets: 5

In addition, Pru Life maintained its top position in Premium Income, NBAPE, and Total Assets despite the competition. In spite of the fact that it had held the top rank in NBAPE for the previous two years, there was not much of a difference between its performance and that of Sun Life. There was also a discernible drop of four (4) places in its net income, and a drop of three (3) places in its net worth (3).

4. Allianz PNB Life Insurance, Inc.

In 2001, Allianz PNB Life was established, and it currently functions as a wholly owned subsidiary of Alliance SE. The company has made a significant jump from its previous position of 10th place to its current position of 4th place among the top 10 life insurance companies in the Philippines.

⬆ Premium Income: 4
⬆ NBAPE: 4
➡ Net Income: 13
⬆ Net Worth: 19
➡ Total Assets: 9

The business that Allianz PNB is doing this year is, without a doubt, a game-changer. It made significant advancements in premium income by moving up three (3) places, four (4) in NBAPE, and seven (7) in net worth, while there are no changes in its net income or total assets. This was accomplished by advancing three (3) places.

5. FWD Life Insurance Corporation

2014 marked the beginning of FWD’s operations in the Philippines. They have made their way into the top 10 list of life insurance companies in the Philippines, despite the fact that they are a relatively new player in the industry.

⬆ Premium Income: 5
⬇ NBAPE: 6
⬆ Net Income: 10
⬆ Net Worth: 11
➡ Total Assets: 12

FWD moves up five places in terms of premium income, but its NBAPE fell one spot during the same time period. They also demonstrated an increase in their net income as well as their net worth, while maintaining the same position in terms of total assets.

6. BDO Life Assurance Co. Inc.

In 1999, Generali Pilipinas Holdings Company Inc. (GPHC) and BDO came together to form this business as a joint venture. However, the company formerly known as Generali is currently operating under the name BDO Life Assurance Co. Inc.

⬆ Premium Income: 6
⬆ NBAPE: 5
⬆ Net Income: 7
⬆ Net Worth: 5
➡ Total Assets: 8

In addition, BDO Life has successfully recovered from the pandemic, as evidenced by their ascent of two (2) places in terms of premium income and NBAPE. After that, the company climbs from the 30th position all the way up to the seventh place in terms of its net income. Lastly, there was a threefold increase in net worth.

7. BPI-AIA Life Assurance Corporation

Historically, this company was known as Ayala Life Assurance Incorporated and it was established in 1933. Because of the strategic partnership that exists between BPI and Philam Life, it holds the position of leading bancassurance in the country.

⬇ Premium Income: 7
⬇ NBAPE: 7
⬆ Net Income: 6
⬇ Net Worth: 6
➡ Total Assets: 7

BPI-AIA falls down the rankings in both premium income and NBAPE by two places. Although there was a decrease in net profits, the company nevertheless ranked seventh in terms of total assets.

8. Manulife Philippines

The Manufacturers Life Insurance Company has a wholly-owned subsidiary in the Philippines known as Manufacturers Life Ins. Co. (Phils.), or just Manulife for short. After that, it opened its doors for business in 1907, making it one of the oldest insurance firms in the Philippines at the time.

⬇ Premium Income: 8
⬇ NBAPE: 8
⬇ Net Income: 4
➡ Net Worth: 4
➡ Total Assets: 6

Both premium income and NBAPE fell two places in the rankings. Additionally, it experiences a fall in its net income, whereas its position in both net worth and total assets remains unchanged.

9. Manulife Chinabank Life Assurance Corporation

Manulife Philippines and China Bank came together to form this company as part of a business partnership. Customers of China Bank will be offered a comprehensive selection of cutting-edge insurance products and services as part of this initiative.

⬆ Premium Income: 9
⬆ NBAPE: 9
⬇ Net Income: 24
⬇ Net Worth: 16
⬆ Total Assets: 10

In addition, Manulife Chinabank moved up two (2) places to become one of the top 10 life insurance companies in the Philippines when measured by the amount of premium income it brought in.

2019 was the year that marked their last appearance on the list.

The NBAPE moved up four (4) notches in the rankings. The firm had a considerable drop in both its net income and its net value, despite the fact that it had a higher number of renewals and new business. On the other hand, there has been a little growth in the overall assets that they own.

10. AIA Philippines

Cornelius Vander Starr and his business partner Earl Carrol established AIA Philippines, which was formerly known as Philam Life, in 1947. Without a shadow of a doubt, the phenomenal work that they have done together since 1949 has catapulted Philam Life to the top spot among life insurance companies in the industry.

⬇ Premium Income: 10
⬇ NBAPE: 10
⬆ Net Income: 1
➡ Net Worth: 1
⬇ Total Assets: 2

In addition, there has been a significant reduction in Premium Income by 6 for AIA Philippines in the span of just one year.

The NBAPE has dropped by one (1) while it has remained in the same position regarding net worth. In addition, the company fell to second place behind Sun Life in terms of total assets, a position that it had held for a number of years previously.

Top 10 Life Insurance Companies in the Philippines (NBAPE) 2022

Gaining more customers implies more money to invest in marketing and settle disputes.

As a result, you may be able to put more money into your VUL plan’s investment fund or collect dividends on your regular insurance policy.

With Php 8.83 billion in new business premiums, Pru Life UK easily won this competition. Still, Sun Life is second with Php 8.56 billion.

For a more detailed comparison of how each life insurance provider fared in 2022, please refer to the table below.

Insurance CompanyNBAPE
Pru Life Insurance Corp. of U.K.  P8,832,276,216
  Sun Life of Canada (Philippines), Inc.  P8,756,709,861
  Philippine AXA Life Insurance. Corp  P5,299,332,479
  Allianz PNB Life Insurance is that Inc.  P5,299,332,474
  BDO Life Assurance Company, Inc.  P3,401,015,643
  FWD Life Insurance Corp.  P3,401,015,648
  BPI-AIA Philippines Assurance Corporation  P2,523,937,087
  Manufacturers Life Ins. Co. (Phils.), Inc., The  P2,375,186,972
  Manulife Chinabank Life Assurance Corporation  P1,938,131,215
AIA Philippines Life and Generali Ins. Co. Inc.  P1,708,113,238

Top 10 Life Insurance Companies in the Philippines Based on Net Income 2022

In a nutshell, the term “net income” refers to the total profit that a company has made after deducting all of the costs that are associated with running a business. As a result, AIA Philippines has successfully wrestled the top spot away from Sun Life for the current year.

Insurance CompanyNet Income
 AIA Philippines American Life and General Ins. Co., Inc.  P12,989,797,157
  Sun Life of Canada (Philippines), Inc  P8,386,484,316
  Insular Life Assce. Co., Ltd.,  P4,671,018,874
  The Manufacturers Life Ins. Co. (Phils.), Inc.,  P3,481,434,342
  Philippine AXA Life Insurance. Corp  P2,750,907,187
  BPI-AIA Philippines Life Assurance Corporation  P1,997,980,533
  BDO Life Assurance Company Inc.  P1,994,401,952
  The Pru Life Insurance Corp. of U.K.  P1,527,327,217
  Sun Life GREPA Financial, Inc.  P597,705,868
  FWD Life Insurance Corporation  P493,892,205

Top 10 Life Insurance Companies in the Philippines Based on Net Worth 2022

In terms of net worth, also known as the amount by which an organization’s assets exceed their liabilities, Philam Life remained in the top spot, followed by Insular Life, Sun Life, and Manulife, respectively.

Insurance CompanyNet Worth
  AIA Philippines American Life and General Ins. Co., Inc.  P71,179,150,026
  Insular Life Assce. Co., Ltd., The  P43,921,758,545
  Sun Life of Canada (Philippines), Inc  P32,704,787,932
  Manufacturers Life Ins. Co. (Phils.), Inc., The  P13,387,114,011
  BDO Life Assurance Company Inc.  P10,544,707,620
  BPI-AIA Life Assurance Corporation  P8,178,514,578
  Philippine AXA Life Insurance. Corp  P8,171,999,662
  Sun Life GREPA Financial, Inc. BDO Life Assurance Company, Inc.  P4,645,804,894
  United Coconut Planters Life Assce. Corp  P4,489,364,414
  Pru Life Insurance Corp. of U.K.  P3,500,325,006

Top 10 Life Insurance Companies in the Philippines Based on Assets 2022

An asset is something that is anticipated to generate future advantages, such as an increase in sales or cash flow, a decrease in costs, or any combination of these factors. After a number of years of competition, Sun Life has now surpassed AIA Philippines in terms of total assets.

Insurance CompanyTotal Asset
  Sun Life of Canada (Philippines), Inc.  P282,776,856,730
  AIA Philippines American Life and General Ins. Co., Inc.  P276,307,876,723
  Philippine AXA Life Insurance. Corp  P164,817,651,845
  Insular Life Assce. Co., Ltd., The  P151,020,392,178
  Pru Life Insurance Corp. of U.K.  P125,026,023,884
  Manufacturers Life Ins. Co. (Phils.), Inc., The  P118,851,740,230
  BPI-AIA Life Assurance Corporation  P115,662,867,791
  BDO Life Assurance Company, Inc.  P81,054,673,169
  Allianz PNB Life Insurance, Inc.  P78,416,721,160
  Manulife Chinabank Life Assurance Corporation  P56,787,192,133

How to Select the Right Life Insurance Plan?

As a first-time insurance purchaser, finding the ideal policy is a stressful endeavour. Don’t fret. It is alright.

Everyone has a beginning. And after obtaining your first policy, selecting subsequent policies is significantly simpler.

However, you may follow the steps below to locate the “perfect” plan for you right now.

5 Steps in Getting the Right Insurance Plan

You can follow the following 5 steps to get a correct Life Insurance Plan.

1. Choose 4-5 insurance companies

First, pick four or five (4-5) companies from the top 10 to narrow your choices. Then, decide what qualities you want, such as good customer service, a good financial standing, and prices that are competitive.

But just because insurance is cheap doesn’t mean it’s the best.

So first look at the value and then at the price.

2. Check what’s important for you

I’d like to know what your top five priorities are. Before you can get those proposals, you need to know who you are. So don’t be like someone who bought insurance without a plan.

Is it your family that you want to keep from having to worry about money?

But these days, it’s a worry that the cost of health care is going up quickly.

You might want to make sure your kids have a good future by giving them the best education and a place to live.

Some people think about when they will retire or what they will do when they do. You could start a business to keep yourself busy.

So think about how important this choice is to you before making it. I’ll say it again: buying insurance is a long-term decision.

From time to time, problems will shake you up. So, you might give up on the plan without knowing why you started in the first place. I know you don’t want to waste your time or money, so I won’t do that.

So, now is the time to set your goals.

3. Set an Appointment

Talk to a company’s advisor and set up a meeting with them.

It’s about your future, so don’t just flip through the pages of the proposals like you’re looking at a menu. You’re not in a restaurant.

Take the time to sit down and talk about life insurance. It’s for your future.

Here are some things you should look for in a guide.

  • Reachable. Can you call your advisor? An adviser should verify your account and adjust policies. Sometimes you forget your coverage and need a reminder. So avoid intimidating advisors.
  • Knowledgeable? Can he describe choices and plans? You may have heard to read insurance fine print. A skilled counsel will always bring forth the benefits and downsides without hesitation. Because he cares about you beyond the transaction.
  • A dependable person. You won’t only obtain insurance. Consider it your family’s contingency plan. Do you think the adviser will be there? Advisors remain two years on average.

Choosing the proper adviser is like choosing the correct insurance. A plan shows you care for your family. An advisor is your partner or proof’s caretaker. Consider a qualified, accessible adviser.

4. Prepare Some Questions to ask

Prepare for questions that most concern you. You don’t need to calculate all the costs here, like fees and whatnot. Step 3: Remember your goals. Instead of price, focus on value.

A qualified advisor will answer most of your questions during the presentation. If you have questions, ask.

Again, this is for your future, so make sure you’re covered.

5. Take a Final Decision

You’ve met 5 advisors and reviewed their plan. Create a table or list of your insurance needs and wants versus the proposals.

Which fits your goal best?

If you don’t need riders or benefits, remove them. Follow your needs.

I think, this blog should help you choose the “right” insurance.


READ: How Insurance Works, Its Definition, and Main Types of Insurance


I am Dharmendra Jain, Owner of this website. In point of fact, the author, Dharmendra Jain, writes on Finance Niche, because he enjoys disseminating knowledge to people all over the globe. The author has expressed a desire to maintain communication with all of his or her devoted readers. And in order for me to be connected to the internet in the first place, it compelled me to do so.

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