Sales of pre-need firms up 10% to P15.8-B

The country's pre-need companies registered consolidated sales of P15.8 billion, roughly 10 percent higher than the P13.1 billion realized the month before.

Of the total sales, the top 10 players accounted for nearly 86 percent or P13.35 billion, with the P2.47 billion accounted for by the remaining 30 companies.

More significantly, the top three players accounted for a 51 percent market share. The top three pre-need companies in terms of sales are Philam Plans, Prudentialife Plans, and CAP Plans, which have a combined sales figure of roughly P8 billion.

The next seven players in the top 10 list are Pacific Plans, Loyola Plans, Berkley International Plans, Eternal Plans, Manulife Financial Plans, TPG Corp., and Sunlife Financial Plans.

Philam Plans, Pacific Plans, Berkley International, TPG Corp., Manulife Financial and Sunlife Financial are affiliates of major life insurance companies. Of the six, only Pacific Plans is considered domestic while the rest have foreign affiliations.

Meanwhile, the pre-need company that sold the most life or memorial plans in the first six months of 2003 was Prudentialife Plans. It sold a total 13,169 plans worth P365 million or a 25 percent market share.

It was also the leader in the education plans category selling 14,830 plans worth P1.48 billion.

Philam Plans, on the other hands, topped pension market with 14,033 plans amounting to P2 billion, for a market share of almost 26 percent.