IC: Sun Life, PGAI top insurers in 2022

Sun Life Canada (Philippines) Inc. led life insurers in the country in terms of premium income pegged at P52.61 billion in 2022 while Prudential Guarantee and Assurance Inc. (PGAI) was top nonlife insurer with P5.73 billion worth of net premiums written or NPW.

Based on data from the Insurance Commission (IC), Sun Life accounted for 17 percent of the P308.85 billion total premium income for the life insurance segment last year.

Others in the top five are Pru Life Insurance Corp. of UK (P41.5 billion), Allianz PNB Life Insurance Inc. (P33.43 billion), Philippine Axa Life Insurance Corp. (P24.22 billion) and BDO Life Assurance Co. Inc. (P19.17 billion).

Meanwhile, PGAI represented 10 percent of the P56.17 billion total NPW in the nonlife insurance segment in 2022.

Others on the list of top five nonlife insurers were Malayan Insurance Co. Inc. (P4.5 billion), Pioneer Insurance and Surety Corp. (P3.47 billion), BPI/MS Insurance Corp. (P2.51 billion) and Mercantile Insurance Co. Inc. (P2.5 billion).

The numbers are based on quarterly reports on selected financial statistics that life and nonlife insurance companies as well as mutual benefit associations submit to the IC.

In parallel results, Sun Life also led in the New Business category by generating more than P9.7 billion worth of new business, eclipsing the figures of the nearest contender within the same period.

Sun Life president Alex Narciso said in a statement that being the top life insurer reflected the confidence of clients in the company. INQ