MANILA, Philippines — Malayan Insurance Co. Inc. retained the top position in the country’s non-life insurance industry based on gross premiums written (GPW) in 2019, according to the unaudited figures of the Insurance Commission (IC).
The IC’s latest release ranked non-life insurance companies based on their 2019 unaudited, quarterly financial statistics submitted to the IC.
In 2019, Malayan Insurance produced GPW amounting to P12.25 billion, the highest in the industry, followed by Prudential Guarantee and Assurance with P10.11 billion, Pioneer Insurance & Surety Corp. with P10.08 billion, BPI/MS Insurance Corp. with P6.12 billion and Charter Ping An with P5.44 billion.
“Gross premiums written are computed by taking the sum of an insurance company’s premiums from direct business and assumed premiums before the effect of ceded reinsurance,” IC Commissioner Dennis Funa said.
In 2019, total gross premiums written from the Philippine non-life insurance sector grew to P92.479 billion from P81.469 billion in 2018, or a growth rate of 13.51 percent.
With a significant lead over the next insurer, Malayan Insurance has been the dominant non-life insurer of Philippine businesses and families for 50 years.
Malayan Insurance is the only Philippine non-life insurance company rated by AM Best, a global rating authority for the insurance industry, with financial strength rating: B++ (good), and issuer credit rating bbb+, providing the Philippine insuring public with world-class insurance protection.
Malayan Insurance, founded in 1930, is celebrating its milestone 90th anniversary this year.
It is a member of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the Philippines, with core businesses in financial services, banking, investments, construction, education, energy, and information technology.