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 Company | Premium Income | NBAPE | Net Income | Net Worth | Total Assets |
|---|---|---|---|---|---|
| Sun Life | 1 | 2 | 2 | 3 | 1 |
| AXA | 2 | 3 | 5 | 7 | 3 |
| Pru Life UK | 3 | 1 | 8 | 10 | 5 |
| Allianz PNB Life | 4 | 4 | 13 | 19 | 9 |
| FWD | 5 | 6 | 10 | 11 | 12 |
| BDO Life | 6 | 5 | 7 | 5 | 8 |
| BPI-AIA | 7 | 7 | 6 | 6 | 7 |
| Manulife | 8 | 8 | 4 | 4 | 6 |
| Manulife Chinabank | 9 | 9 | 24 | 16 | 10 |
| AIA Philippines | 10 | 10 | 1 | 1 | 2 |
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 Company | NBAPE |
|---|---|
| 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 Company | Net 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 Company | Net 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 Company | Total 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.
Thanks!
READ: How Insurance Works, Its Definition, and Main Types of Insurance
