Prudential topped nonlife insurance sector in ’18

Prudential Guarantee and Assurance Inc. topped the nonlife insurance sector last year in terms of net premiums written, the Insurance Commission (IC) said Tuesday.

In a statement, the IC said the Coyiuto-led Prudential Guarantee posted a premium income of P5.18 billion in 2018, followed by Charter Ping An (P3.9 billion), Yuchengco-led Malayan Insurance Co. Inc. (P3.77 billion), Pioneer Insurance and Surety Corp. (P3.09 billion) and BPI/MS Insurance Corp. (P3.04 billion).

“Net premiums written is the gross premiums written less reinsurance cessation. It represents how much of the premiums the company gets for assuming risk,” the IC explained.

As for gross premiums written, Malayan Insurance led the pack with P10.16 billion last year.

“Gross premiums written is the sum of the premiums from direct business and assumed premiums before the effect of ceded reinsurance,” the IC said.

Prudential Guarantee’s gross premiums written in 2018 amounted to P9.64 billion to rank second, while Pioneer Insurance placed third with P9.29 billion.

Rounding up the top five nonlife insurers’ gross premiums written were BPI/MS Insurance’s P5.82 billion and Charter Ping An’s P5.67 billion.

The end-2018 total assets of Malayan Insurance were also the biggest at P34.28 billion.

Pioneer Insurance had P31 billion in assets as of last year; Prudential Guarantee and Assurance, P14.41 billion; BPI/MS Insurance, P12.8 billion, and Charter Ping An, P11.4 billion.

In terms of net worth, the top five nonlife firms in 2018 were Pioneer Insurance, Malayan Insurance, BPI/MS Insurance, Standard Insurance Co. Inc. and Philippines First Insurance Co. Inc.