10 Best Life Insurance Companies (2021)

We all know the importance of having a life insurance policy. It protects us from the cost of an untimely demise.

With the addition of insurance riders, it can expand coverage on accident, hospitalization, and critical illness that can provide us and our beneficiaries peace of mind.

So, the next question is who are among the best providers in the market?

In 2019, the Insurance Commission (IC) included a new metric called new business annual premium equivalent or NBAPE, which was used to track sales performance of the industry in a given year.

This year, it issued a press release that included only five metrics (out of seven, as available on the website), which are asset, NBAPE, net income, net worth, and premium.

The two that were not included are paid-up capital and invested asset. Thus, this article is going to follow the IC’s template.

Top 10 Best PH Life Insurance Companies of 2021

How did we come up with top ten ranking of insurance companies?

Data is consolidated by arranging the companies from highest to lowest separately according to the five metrics.

The company with the highest number in the category is ranked number 1, the next company becomes number 2, and so on.

Bear in mind this is simply a shorthand way of bringing together these different metrics.

The result is a comparison as shown in the table.

Here are the top 10 life insurance companies.

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

 

1. Sun Life of Canada (Philippines) Inc.

Sun Life of Canada (Philippines) Inc. comes in second in the ranking of top insurance companies in the Philippines, coming in first in three key metrics.

The company was established in the country through the British company H.J. Andrews and Co.

After halting its business during World War II, it resumed operation as soon as the war concluded.

It offers a range of financial products including but not limited to insurance and mutual funds.

 

2. Philippine American Life and General Insurance Company

Overall, it’s the Philippine American Life and General Insurance Company (life unit) or Philam Life that is the number 1 insurance company in the country as it is at least on the top 7 in each category.

A local subsidiary of American Insurance Association, Philam Life was established in 1947.

It has expanded and now included subsidiaries such as the Philam Asset Management, Inc. (PAMI) and the BPI-Philam Life Assurance Corporation, a bancassurance outfit.

 

3. Philippine AXA Life Insurance

Established in 1999, Philippine AXA Life Insurance speaks volumes on the company’s fast growth compared to other companies that had been operating for many years.

According to Investopedia, it is the number 1 insurance company in the world. In the country, it partners with Metrobank in serving its customers.

 

4. Pru Life Insurance Corporation of U.K.

Coming in at number 8, Pru Life Insurance Corporation of U.K. is currently number 4 in premium income, number 7 in assets, number 7 in net income, number 9 in net worth, and number 4 in paid-up capital.

Established in 1996, the company was the first in the industry approved by the Insurance Commission to engage in dollar-denominated policies.

In 2001, it acquired AllState Life Philippines and ING Life Philippines in 2002.

 

5. 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 built from a partnership between the Bank of the Philippine Islands and the Philippine American Life and General Insurance Company.

 

6. Manufacturers Life Insurance Company (Philippines), Inc.

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

It has recently formed a partnership with China Banking Corporation, creating the subsidiary and bancassurance firm Manulife China Bank Life Assurance Corporation.

 

7. Insular Life Assurance Corporation

The Insular Life Assurance Company is ranked number 6 in the consolidated list across categories. It is number number 2 in net worth, number 3 in assets, number 5 in net income, number 7 in premium income, and number 30 in paid-up capital.

Established in 1910, the company has over a century-worth of history engaging in the insurance industry in the country.

It was also considered at that time as the first Filipino life insurance company.

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

 

8. FWD Life Insurance Corporation

With international footprint in Hong Kong, Indonesia, Japan, Macau, Malaysia, Singapore, Thailand, and Vietnam, FWD Life Insurance Corporation established its operations in the country in September 2014.

And yet it’s recorded fast growth despite its relatively brief history, now being part of the top 10 in three categories. It demonstrated strong performance in acquiring new business and premium income.

 

9. Sun Life GREPA Financial, Inc.

Sun Life GREPA Financial, Inc. is an insurance company by Sun Life Philippines and the Yuchengco Group of Companies (YGC). It was established in 1954 as Grepalife Financial.

In 2011, it signed a joint venture agreement with Sun Life Financial, and the company was transformed to what it is known today.

 

10. United Coconut Planters Life Assurance Corp.

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

 

Insurance company ranking based on asset

Asset is defined as a company owns, benefits from or has use of in generating income.

Philam ranks first on the list, making up a nearly fifth of the entire industry in terms of asset.

In fact, both Philam and Sun Life (which comes in second) combined represents over a third of the industry.

 

NAME ASSET RANK
Philippine American Life and General Ins. Co. 291,223,060,576 1
Sun Life of Canada (Philippines), Inc. 274,212,700,617 2
Philippine Axa Life Insurance Corporation 141,500,316,009 3
Insular Life Assurance Company, Limited, The 140,928,039,691 4
PRU Life Insurance Corporation of U.K. 117,193,453,060 5
Manufacturers Life Insurance Co. (Phils.), Inc., The 117,133,189,676 6
BPI-Philam Life Assurance Corporation 112,255,295,695 7
BDO Life Assurance Company, Inc. 68,467,307,840 8
Allianz PNB Life Insurance, Inc. 51,615,114,149 9
Sun Life GREPA Financial, Inc. 48,574,787,007 10

 

Insurance company ranking based on NBAPE

NBAPE is new business annual premium equivalent, which is a new metric that is introduced this year by the Insurance Commission.

It is derived from all the 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 U.K. ranks first, with Sun Life of Canada, Philippine Axa Life Insurance Corporation, FWD Life Insurance Corporation, and BPI Philam Life Assurance Corporation completing the top 5.

 

COMPANY NBAPE RANK
PRU Life Insurance Corporation of U.K. 7,950,610,172 1
Sun Life of Canada (Philippines), Inc. 7,800,338,556 2
Philippine Axa Life Insurance Corporation 4,805,192,239 3
FWD Life Insurance Corporation 2,872,145,988 4
BPI-Philam Life Assurance Corporation 2,833,506,107 5
Manufacturers Life Insurance Co. (Phils.), Inc., The 2,757,772,799 6
BDO Life Assurance Company, Inc. 2,261,607,566 7
Allianz PNB Life Insurance, Inc. 2,233,140,100 8
Philippine American Life and General Ins. Co. 1,861,860,556 9
United Coconut Planters Life Assurance Corp. 1,477,778,436 10

The report also breaks down the numbers into traditional insurance products (such as term insurance plans) and variable universal life plans.

Under the traditional category, the market leaders are Sun Life of Canada, United Coconut Planters Life Assurance Corporation, BDO Life Assurance Company, Inc., Philippine Axa Life Insurance Corporation, and Pioneer Life, Inc.

On the other hand, PRU Life Insurance Corporation of U.K., Sun Life of Canada (Philippines), Inc, and Philippine Axa Life Insurance Corporation lead the pack in selling variable plans.

 

Insurance company ranking based on net income

Net income is the total earnings of the company minus all expenses and taxes.

For this category, Sun Life is ranked #1. Philippine American Life and General Ins. Co., Manufacturers Life Insurance Co. (Phils.), Inc., PRU Life Insurance Corporation of U.K., and Philippine Axa Life Insurance Corporation complete the list of the top 5.

COMPANY NET INCOME TOTAL
Sun Life of Canada (Philippines), Inc. 8,467,831,223 1
Philippine American Life and General Ins. Co. 4,522,387,252 2
Manufacturers Life Insurance Co. (Phils.), Inc., The 4,048,885,103 3
PRU Life Insurance Corporation of U.K. 3,274,475,424 4
Philippine Axa Life Insurance Corporation 2,832,628,279 5
Insular Life Assurance Company, Limited, The 2,695,144,575 6
BPI-Philam Life Assurance Corporation 1,432,222,722 7
Sun Life GREPA Financial, Inc. 958,088,123 8
United Coconut Planters Life Assurance Corp. 674,222,268 9
Manulife Chinabank Life Assurance Corporation 382,850,460 10

 

Insurance company ranking based on net worth

Net worth means the value of all the assets of the company after all liabilities have been deducted.

For this year, Philippine American Life and General Ins. Co. tops the list. It is followed by Sun Life of Canada, (Philippines), Inc., Insular Life Assurance Company, Limited, Manufacturers Life Insurance Co. (Phils.), and BPI-Philam Life Assurance Corporation.

 

COMPANY NET WORTH RANK
Philippine American Life and General Ins. Co. 78,437,432,778 1
Sun Life of Canada (Philippines), Inc. 31,342,290,335 2
Insular Life Assurance Company, Limited, The 28,218,651,477 3
Manufacturers Life Insurance Co. (Phils.), Inc., The 12,860,959,603 4
BPI-Philam Life Assurance Corporation 8,817,496,193 5
Philippine Axa Life Insurance Corporation 8,044,250,809 6
PRU Life Insurance Corporation of U.K. 6,106,195,028 7
BDO Life Assurance Company, Inc. 5,275,716,399 8
Sun Life GREPA Financial, Inc. 4,220,141,927 9
United Coconut Planters Life Assurance Corp. 3,032,631,184 10

Insurance company ranking based on premium income

Premium income means the total amount of collections that were paid for all policies by the policyholders. The report breaks down the premium into first year premium, single-pay, and renewal.

Sun Life of Canada (Philippines), Inc. ranks first, followed by Philippine Axa Life Corporation, PRU Life Insurance Corporation of U.K., Philippine American Life and General Ins. Co. and BPI-Philam Life Assurance Corporation.

COMPANY PREMIUM INCOME RANK
Sun Life of Canada (Philippines), Inc. 39,266,099,724 1
Philippine Axa Life Insurance Corporation 31,267,077,122 2
PRU Life Insurance Corporation of U.K. 30,982,187,515 3
Philippine American Life and General Ins. Co. 16,766,045,818 4
BPI-Philam Life Assurance Corporation 16,297,767,125 5
Manufacturers Life Insurance Co. (Phils.), Inc., The 15,883,457,763 6
Allianz PNB Life Insurance, Inc. 15,764,874,445 7
BDO Life Assurance Company, Inc. 15,137,537,154 8
FWD Life Insurance Corporation 13,642,659,285 9
Insular Life Assurance Company, Limited, The 10,372,723,115 10

On first year premium, the following companies comprise the top 5: PRU Life Insurance Corporation of U.K., Sun Life of Canada (Philippines), Inc., Philippine Axa Life Insurance Corporation, Manulife Life Insurance Corporation, and BPI-Philam Life Assurance Corporation.

On single-pay plans, the following companies make up the top 5: Philippine Axa Life Insurance Corporation, Allianz PNB Life Insurance, Inc., FWD Life Insurance Corporation, Manulife Chinabank Life Assurance Corporation, The, and Sun Life of Canada (Philippines), Inc.

On renewal, the companies that are top of the rankings are Sun Life of Canada (Philippines), Inc., PRU Life Insurance Corporation of U.K., Philippine Axa Life Insurance Corporation, Philippine American Life and General Ins. Co., and BDO Life Assurance Company, Inc.

The companies that collected the most premiums on traditional insurance products are BDO Life Assurance Company, Inc., Sun Life of Canada (Philippines), Inc., United Coconut Planters Life Assurance Corp., Philippine American Life and General Ins. Co., and Manufacturers Life Insurance Co. (Phils.), Inc.

Lastly, the the companies that collected the most premiums on variable products are Sun Life of Canada (Philippines), Inc., PRU Life Insurance Corporation of U.K., Philippine Axa Life Insurance Corporation, BPI-Philam Life Assurance Corporation, and Allianz PNB Life Insurance, Inc.

 

After learning the best life insurance companies in the Philippines, I hope you already decided where to purchase your life insurance. Thank you for reading and have a great day!

 

Reference

Insurance Commission. https://www.insurance.gov.ph

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