Sun Life top life insurer; premium income hits P32.1B

Sun Life of Canada (Philippines) Inc. emerged as the No. 1 life insurer in 2017 based on premium income, selling P32.1 billion in insurance products last year, latest data from the Insurance Commission showed.

Based on unaudited quarterly statistics submitted by insurance firms, Philippine AXA Life Insurance Corp. ranked second in premium income with P26.2 billion last year.

In third place was BPI Philam Life Assurance Corp. Inc. with P20.3 billion; Philippine American Life and General Insurance Co. (Philam Life), fourth with P19.9 billion; and Pru Life Insurance Corp. of UK, fifth with P19.2 billion.

Rounding up the top 10 among 30 life insurance companies were Manufacturers Life Insurance Co. (Philippines) Inc. (Manulife); The Insular Life Assurance Co. Ltd.; BDO Life Assurance Co. Inc. (Generali Pilipinas Life); Manulife Chinabank Life Assurance Corp.; and United Coconut Planters Life Assurance Corp.

Sun Life also ranked first in terms of net income, with P6.9 billion in profit made last year, followed by Philam Life (P5.6 billion), Insular Life (P4.1 billion), Manulife (P3.3 billion) and Philippine AXA (P2.3 billion).

In terms of net worth, Philam Life ranked No. 1 with P69.5 billion, followed by Insular Life (P37.8 billion), Sun Life (P27.6 billion), Manulife (P14.1 billion), and United Coconut Planters Life (P9.9 billion).

Philam Life also led the pack in terms of assets with P251.4 billion, followed by Sun Life (P233.1 billion), Insular Life (P137.6 billion), Philippine AXA (P109.7 billion), and BPI Philam (P103.2 billion).

As for paid-up capital, No. 1 was FWD Life Insurance Corp. with P2.3 billion, followed by BDO Life/Generali Pilipinas Life (P1.593 billion), Generali Life Assurance Philippines Inc. (P1.591 billion), Philam Life (P1.4 billion), and East West Ageas Life Insurance Corp. (P1.3 billion).