IC: Sun Life is No. 1 in premium income among life insurers in 2018

MANILA, Philippines — Sun Life of Canada (Philippines) Inc. remained the country’s No. 1 life insurer in terms of sales last year, the Insurance Commission (IC) said Thursday.

Citing latest unaudited statistics submitted by insurance firms to IC, Commissioner Dennis B. Funa said in a statement that Sun Life of Canada’s premium income amounted P37.39 billion in 2018.

Philippine Axa Life Insurance Corp. (AXA Philippines) came in second with P29.44 billion; Philippine American Life and General Insurance Co. (Philam Life), third with P22.37 billion; Pru Life Insurance Corp. of UK (Pru Life UK), fourth with P22.03 billion; and BPI-Philam Life Assurance Corp. Inc. (BPI-Philam), fifth with P18.3 billion.

Last year, the life insurance sector’s premium income totaled P228.61 billion.

Sun Life of Canada also took the top spot in new business annual premium equivalent, with P8.22 billion.

It was followed by AXA Philippines with P6 billion, Pru Life UK with P5.76 billion, Philam Life with P4.43 billion, and BPI-Philam with P3.73 billion.

As for net income, Philam Life was the most profitable last year with P9.8 billion, taking the No. 1 spot after settling for second place in 2017.

Rounding up the top five life insurers in terms of net income was Sun Life of Canada (P6.77 billion), AXA Philippines (P2.75 billion), Manufacturers Life Insurance Co. (Philippines) Inc. or Manulife Philippines (P2.59 billion), and Insular Life Assurance Co. Ltd. or Insular Life (P2.30 billion).

Philam Life also kept its top position in terms of assets with P246.75-billion worth, followed by Sun Life of Canada (P222.44 billion), Insular Life (P130.42 billion), AXA Philippines (P115.13 billion), and BPI-Philam (P101.38 billion).

Also, Philam Life dominated the sector in terms of net worth, posting P78.87 billion last year, followed by Insular Life (P37.03 billion), Sun Life of Canada (P25.41 billion), Manulife Philippines (P14.43 billion), and United Coconut Planters Life Assurance Corp. (P10.99 billion).

Under the Amended Insurance Code or Republic Act (RA) No. 10607, the minimum net worth of insurance companies must increase to P900 million by end-2019 from P550 million at present, and then jump to P1.3 billion in 2022.

Funa earlier said that 2018 was the “new banner year” of insurance industry as it “[surpassed] the previous highs” posted in 2017.