IC: Sun Life still ranked first in premium income

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 on Thursday.

Citing latest unaudited statistics submitted by insurance firms, Insurance 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.

In terms of new business annual premium equivalent, ranked second was AXA Philippines with P6 billion, followed by Pru Life of UK’s P5.76 billion, Philam Life’s P4.43 billion, and BPI-Philam’s 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, 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).