MANILA, Philippines—The Insurance Commission (IC) on Tuesday (Nov. 9) said Philippine American Life and General Insurance Co. Inc. (Philam Life), Sun Life of Canada (Philippines) Inc. and Pru Life Insurance Corp. of UK led life insurers in profit, sales and new business in the first half of 2021.
In a statement, Insurance Commissioner Dennis Funa said Philam Life’s P6.75-billion net income was the highest as of end-June, followed by Sun Life’s P3.86 billion, The Insular Life Assurance Co. Ltd.’s P1.7 billion, Philippine Axa Life Insurance Corp.’s P1.58 billion, and The Manufacturers Life Insurance Company (Philippines) Inc.’s (Manulife) P1.2 billion.
Rounding up the top 10 in terms of net income were BPI-AIA Life Assurance Corp., BDO Life Assurance Co. Inc., Pru Life UK, FWD Life Insurance Corp., and Sun Life Grepa Financial Inc.
On premium income, Sun Life led the pack with P21.2 billion, followed by Philippine Axa’s P19.78 billion, Pru Life’s P18.14 billion, Allianz PNB Life Insurance Inc.’s P16.8 billion, and BDO Life’s P9.31 billion.
Also listed as 10 biggest premium income earners in the first half were BPI-AIA Life, Manulife Chinabank Life Assurance Corp., Manulife, FWD, and Philam Life.
On new business annual premium equivalent (NBAPE), which the IC had explained was the new international standard in measuring sales, Pru Life was No. 1 with P4.16 billion.
Also in the top 10 in NBAPE were Sun Life, Philippine Axa, Allianz PNB, BDO Life, FWD, BPI-AIA Life, Manulife, Manulife Chinabank Assurance, and Philam Life.
Philam Life remained on the top spot in net worth (P62.81 billion) and total assets (P276.61 billion) at the end of the first six months.
Sun Life led in invested assets amounting to P259.63 billion as of end-June.
Funa said these rankings were based on unaudited quarterly reports on selected financial statistics (QRSFS) as of June 30 submitted by life insurance players.