Press Release

Top 10 Best Life Insurance Companies in the Philippines 2022

Top Life Insurance Companies in the Philippines

So, you are looking for life insurance in the Philippines but can’t decide which company is the best?

We understand that insurance is part of your financial planning strategy. But there are many insurance companies in the Philippines. As a result, choosing the best insurance company is difficult.

We are glad that you are reading this page. Because in this article, we will cover the top 10 life insurance companies in the Philippines in 2022 so you’ll have a better idea in deciding which insurance is best for you.

Our data was taken from the report of the Insurance Commission for the year-ending 2020 because financial reports for the year-ended 2021 weren’t released yet.

As soon as the report is released, we will update this list. So long as no new reports are issued, the information in the 2020 financial reports is valid in 2022.

The Insurance Commission Report for the Year-Ending 2020

We are all aware of the significance of having a life insurance policy. It shields us from the financial consequences of an untimely death.

With the addition of insurance riders, we can broaden our coverage for accidents, hospitalization, and critical illness, giving us and our beneficiaries peace of mind.

So the next question is, who are the market’s best providers? The Insurance Commission (IC) introduced a new metric in 2019 called new business annual premium equivalent, or NBAPE, which was used to track the industry’s sales performance in a given year.

In 2021, the commission issued a press release with only five metrics (out of seven available on the website): asset, NBAPE, net income, net worth, and premium. Paid-up capital and invested asset are the two that were left out. As a result, this article will adhere to the IC’s format.

Please keep in mind that the reports issued in 2021 were based on each insurance company’s performance and position in 2020.

10 Best Philippine Insurance Companies of 2022

The top 10 Philippine Insurance Companies in 2022 are the following:

  1. Sun Life of Canada (Philippines), Inc.
  2. Philippine American Life and General Ins. Co.
  3. Philippine Axa Life Insurance Corporation
  4. PRU Life Insurance Corporation of U.K.
  5. Manufacturers Life Insurance Co. (Phils.), Inc., The
  6. BPI-Philam Life Assurance Corporation
  7. Insular Life Assurance Company, Limited, The
  8. FWD Life Insurance Corporation
  9. Sun Life GREPA Financial, Inc.
  10. United Coconut Planters Life Assurance Corp.

How did we arrive at our top ten insurance companies in the Philippines?

The data is consolidated by arranging the companies in descending order based on the five metrics.

The company with the highest number in the category is ranked first, followed by the next company, and so on. Keep in mind that this is simply a shortened way of combining these various metrics.

As a result, a comparison is produced, as shown in the table.

Top Life Insurance Companies in the Philippines

Sun Life of Canada (Philippines), Inc.

Sun Life of Canada (Philippines) Inc. is ranked second among top insurance companies in the Philippines, having ranked first in three key metrics.

The company was founded in the country by the British firm H.J. Andrews and Co. After suspending operations during World War II, it resumed operations as soon as the war ended. It provides a variety of financial products such as insurance and mutual funds.

  • Top 1 in net income
  • Top 1 in premium income
  • Top 2 in asset
  • Top 2 in NBAPE
  • Top 2 in net worth

Philippine American Life and General Insurance Company

Overall, the Philippine American Life and General Insurance Company (life unit), or Philam Life, is the number one insurance company in the country, ranking in the top seven in each category.

Philam Life, a local subsidiary of the American Insurance Association, was founded in 1947. It has grown to include subsidiaries such as the Philam Asset Management, Inc. (PAMI) and the BPI-Philam Life Assurance Corporation, a bancassurance firm.

Philam has the following ranking:

  • Top 1 in asset
  • Top 1 in net worth
  • Top 2 in net income
  • Top 4 in premium income
  • Top 9 in NBAPE

Philippine AXA Life Insurance

Founded in 1999, Philippine AXA Life Insurance has grown rapidly compared to other companies that have been around for a long time.

According to Investopedia, it is the world’s leading insurer. In the country, it works with Metrobank.

Philippine AXA is currently:

  • Top 2 in premium income
  • Top 3 in asset
  • Top 3 in NBAPE
  • Top 5 in net income
  • Top 6 in net worth

Pru Life Insurance Corporation of U.K

The Pru Life Insurance Corporation of the United Kingdom is currently ranked 8 in premium income, 7 in assets, 7 in net income, 9 in net worth, and 4 in paid-up capital.

As the industry’s first dollar-denominated insurer, it was founded in 1996. It bought AllState Life in 2001 and ING Life in 2002.

Pru Life is:

  • Top 1 in NBAPE
  • Top 3 in premium income
  • Top 4 in net income
  • Top 5 in asset
  • Top 7 in net worth

BPI Philam Life Assurance Corporation Inc

The BPI Philam Life Assurance Corporation Inc. comes next in the ranking of top life insurance companies in the Philippines. It is currently ranked number 5 in assets and premium income, number 6 in net income, number 8 in net worth, and number 10 in paid-up capital. The company is a partnership between the Bank of the Philippine Islands and the Philippine American Life and General Insurance Company.

BPI Philam Life is:

  • Top 5 in NBAPE
  • Top 5 in net worth
  • Top 5 in premium income
  • Top 7 in asset
  • Top 7 in net income

Manufacturers Life Insurance Company (Philippines), Inc.

Manulife, or Manufacturers Life Insurance Company (Philippines), Inc., ranks fourth on the list. The company issued its first policy in 1901 and was licensed to do business in the Philippines in 1907.

It recently partnered with China Banking Corporation to form Manulife China Bank Life Assurance Corporation, a subsidiary, and bancassurance firm.

Manulife’s ranking is as follows:

  • Top 3 in net income
  • Top 4 in net worth
  • Top 6 in asset
  • Top 6 in NBAPE
  • Top 11 in premium income

Insular Life Assurance Corporation

The Insular Life Assurance Company is ranked sixth overall in the consolidated list. It ranks second in net worth, third in assets, fifth in net income, seventh in premium income, and thirty-first in paid-up capital.

The company was founded in 1910 and has over a century of experience in the insurance industry in the country. It was also regarded as the first Filipino life insurance company at the time.

It purchased Filipinas Life Assurance Company in 1943, and its subsidiary in Hawaii was sold to the American General Insurance Group of Texas in 1955.

Insular Life is:

  • Top 3 in net worth
  • Top 4 in NBAPE
  • Top 6 in net income
  • Top 10 in premium income
  • Top 12 in NBAPE

FWD Life Insurance Corporation

FWD Life Insurance Corporation, which has international operations in Hong Kong, Indonesia, Japan, Macau, Malaysia, Singapore, Thailand, and Vietnam, began operations in the country in September 2014.

Despite its short history, it has experienced rapid growth, ranking in the top ten in three categories. It has demonstrated strong performance in terms of new business acquisition and premium income.

  • Top 4 in NBAPE
  • Top 9 in premium income
  • Top 12 in asset
  • Top 12 in net income
  • Top 12 in net worth

Sun Life GREPA Financial, Inc.

Sun Life GREPA Financial, Inc. is a joint venture between Sun Life Philippines and the Yuchengco Group of Companies that provides insurance (YGC). Grepalife Financial was established in 1954.

It signed a joint venture agreement with Sun Life Financial in 2011, and the company became what it is today.

The company is:

  • Top 8 in net income
  • Top 9 in net worth
  • Top 10 in asset
  • Top 11 in NBAPE
  • Top 13 in premium income

United Coconut Planters Life Assurance Corp.

United Coconut Planters Life Assurance Corp. (COCOLIFE) is a company established in 1966. According to their website, they are the “biggest Filipino-owned stock” life insurance company.

The company is:

  • Top 9 in net income
  • Top 10 in NBAPE
  • Top 10 in net worth
  • Top 12 in premium income
  • Top 13 in asset

Top 10 Philippine Life Insurance Companies Based on Assets

An asset is something that a company owns, benefits from, or uses to generate income. It reflects how a life insurance company manages its assets.

Philam tops the list, accounting for nearly a fifth of the entire industry in terms of assets. In fact, Philam and Sun Life (which comes in second) account for more than a third of the industry.

Here are the top 10 life insurance companies in the Philippines based on assets:

  1. Philippine American Life and General Ins. Co. with ₱291 billion;
  2. Sun Life of Canada (Philippines), Inc. with ₱274 billion;
  3. Philippine Axa Life Insurance Corporation with ₱142 billion;
  4. The Insular Life Assurance Company, Limited, with ₱141 billion;
  5. PRU Life Insurance Corporation of U.K. with ₱117.19 billion;
  6. The Manufacturers Life Insurance Co. (Phils.), Inc. with ₱117.13 billion;
  7. BPI-Philam Life Assurance Corporation with ₱112 billion;
  8. BDO Life Assurance Company, Inc. with ₱68 billion;
  9. Allianz PNB Life Insurance, Inc. with ₱52 billion; and
  10. Sun Life GREPA Financial, Inc. with ₱49 billion.

Top 10 Philippine Life Insurance Companies Based on NBAPE

NBAPE stands for new business annual premium equivalent, a new metric introduced by the Insurance Commission this year to measure the sales performance of the life insurance industry.

It is calculated by adding together all premiums paid or the annualized value of the first premium payment for newly opened insurance plans, plus 10% of single premiums.

PRU Life Insurance Corporation of the United Kingdom is ranked first, followed by Sun Life of Canada, Philippine Axa Life Insurance Corporation, FWD Life Insurance Corporation, and BPI Philam Life Assurance Corporation.

The complete top 10 life insurance companies in the Philippines based on NBAPE are the following:

  1. Pru Life Insurance Corporation of UK, with ₱7.95 billion;
  2. Sun Life of Canada (Philippines), Inc., with ₱7.80 billion;
  3. Philippine Axa Life Insurance Corporation, with ₱4.81 billion;
  4. FWD Life Insurance Corporation, with ₱2.87 billion;
  5. BPI-Philam Life Assurance Corporation, with ₱2.83 billion;
  6. The Manufacturers Life Insurance Co. (Phils.), with ₱2.76 billion;
  7. BDO Life Assurance Company, Inc., with ₱2.26 billion;
  8. Allianz PNB Life Insurance, Inc., with ₱2.23 billion;
  9. The Philippine American Life & General Insurance Co., Inc., with ₱1.86 billion; and
  10. United Coconut Planters Life Assurance Corporation, with ₱1.48 billion.

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

Net income is the company’s total earnings less all expenses and taxes. Sun Life is the clear winner in this category. Philippine American Life and General Insurance Company, Manufacturers Life Insurance Co. (Phils.), Inc., PRU Life Insurance Corporation of the United Kingdom, and Philippine Axa Life Insurance Corporation round out the top five.

Below are the top 10 life insurance companies in the Philippines based on net income.

  1. Sun Life of Canada (Philippines), Inc. with a net income of ₱8.5 billion;
  2. Philippine American Life and General Insurance Co., Inc. with a net income of ₱4.52 billion;
  3. The Manufacturers Life Insurance Co. (Phils.), Inc. with a net income of ₱4.05 billion;
  4. PRU Life Insurance Corporation of U.K. with a net income of ₱3.27 billion;
  5. Philippine Axa Life Insurance Corporation with a net income of ₱2.83 billion;
  6. Insular Life Assurance Company, Limited with a net income of ₱2.70 billion;
  7. BPI-Philam Life Assurance Corporation with a net income of ₱1.43 billion;
  8. Sun Life GREPA Financial, Inc. with a net income of ₱958.09 million;
  9. United Coconut Planters Life Assurance Corp. with a net income of ₱674.22 million; and
  10. Manulife Chinabank Life Assurance Corporation with a net income of ₱382.85 million.

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

In business, net worth is how much a company is worth after all of its debts have been paid off. Examining a life insurance provider’s net worth can help you determine whether the company’s net worth is sufficient to cover future claims.

For this year, Philippine American Life and General Ins. Co. is at the top of the chart. That company is then followed by Sun Life of Canada, (Philippines) Inc. and Manufacturers Life Insurance Co. (Philippines), and BPI-Philam Life Insurance Corporation.

The following are the top 10 life insurance companies in the Philippines based on net worth.

  1. Philippine American Life and General Ins. Co. with a net worth of ₱78.44 billion;
  2. Sun Life of Canada (Philippines), Inc. with a net worth of ₱31.34 billion;
  3. The Insular Life Assurance Company, Limited, with a net worth of ₱28.2 billion;
  4. The Manufacturers Life Insurance Co. (Phils.), Inc., with a net worth of ₱12.86 billion;
  5. BPI-Philam Life Assurance Corporation with a net worth of ₱8.82 billion;
  6. Philippine Axa Life Insurance Corporation with a net worth of ₱8.04 billion;
  7. PRU Life Insurance Corporation of U.K. with a net worth of ₱6.11 billion;
  8. BDO Life Assurance Company, Inc. with a net worth of ₱5.28 billion;
  9. Sun Life GREPA Financial, Inc. with a net worth of ₱4.22 billion; and
  10. United Coconut Planters Life Assurance Corp. with a net worth of ₱3.03 billion.

Top 10 Life Insurance Companies Based on Premium Income

Premium income is the sum of all premiums paid by policyholders. The report divides the premium into three categories: first year, single-pay, and renewal.

The top five are Sun Life of Canada (Philippines), Philippine Axa Life, PRU Life Insurance Company of the UK, Philippine American Life, General Insurance Company, and BPI-Philam Life Assurance Corporation.

Listed below are the top 10 insurance companies in the Philippines based on premium income:

  1. Sun Life of Canada (Philippines), Inc., with ₱39.27 billion;
  2. Philippine Axa Life Insurance Corporation, with ₱31.27 billion;
  3. Pru Life Insurance Corporation of UK, with ₱30.98 billion;
  4. The Philippine American Life and General Insurance Co., with ₱16.77 billion;
  5. BPI-Philam Life Assurance Corporation, with ₱16.30 billion;
  6. The Manufacturers Life Insurance Co. (Phils)., Inc., with ₱15.88 billion;
  7. Allianz PNB Life Insurance, Inc., with ₱15.76 billion;
  8. BDO Life Assurance Company, Inc., with ₱15.14 billion;
  9. FWD Life Insurance Corporation, with ₱13.64 billion; and
  10. The Insular Life Assurance Company, Ltd., with ₱10.37 billion.

Which Insurance Company Should you Choose?

Buying life insurance is a long-term commitment, so invest wisely. This list ranks the best Philippine life insurance companies so you know who to trust.

The best way to narrow your options is to compare the policies of various companies. The best option for you will be the policy that meets your needs.

You can use the steps below to pick the “right” plan for you.

Guide in Getting a Life Insurance Plan in the Philippines

We have made a quick guide for you in choosing the best life insurance here in the Philippines.

1. Determine how long you’ll require coverage

Life insurance is designed to last for a specific amount of time (known as term life) or for the rest of one’s life (including whole life and universal life). Consider term insurance if you just need protection for a limited time (for example, while your children are growing up or for the life of your mortgage).

Consider permanent coverage if you require life insurance for the rest of your life (for things like burial expenses or income replacement for a spouse).

2. Calculate your needed insurance

The “DIME” approach is one method for calculating the expenditures you’ll leave behind. DIME stands for Debt, Income Replacement, Mortality, Education.

Debts. Consider the debts such as mortgages, personal loans, car loans, credit cards, etc.

Income Replacement. Also, consider your spouse’s, dependents’, or anyone else who is financially dependent on you. Do you want them to live off your earnings for the rest of their lives?

Mortality. Know the burial-related costs.

Education. Do you wish to pay your dependents’ education? What about child care? Do you want your insurance to pay for your children’s remaining years at daycare if they are already enrolled?

3. Consider other goals

Some permanent life insurance contracts may be utilized to save for the future. Permanent life insurance plans are in effect for the rest of one’s life and have a cash value that is expected to grow with time.

These permanent policies include a death benefit (or face amount), which is the amount paid at the time of death, as well as a cash value that accumulates tax-deferred over time, similar to retirement or tuition savings programs.

It’s useful to understand how you might include life insurance into your financial plan.

4. Identify the beneficiary

The person or organization who will receive the profits of your life insurance policy is known as your life insurance beneficiary. Avoid identifying a minor kid (children may not be eligible for funding) or your estate as a beneficiary (it could have tax implications).

If the insurance is intended to benefit your company, you should consider developing a written strategy for how the funds will be utilized. Speak with your independent agent to determine your best alternatives for selecting a beneficiary.

5. Talk to a trusted financial advisor

When you’re ready to get life insurance, you’ll need someone who is looking out for your best interests to walk you through the process.

Set an appointment with the licensed insurance agent of your chosen insurance company. Prepare the necessary questions and take note of what the advisor tells you.

You may talk to the other advisors of the company before finalizing your decision.

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