MANILA, Philippines — Sun Life of Canada again dominated the life insurance sector in the Philippines last year, while the non-life segment was led by local powerhouse Prudential Guarantee and Assurance Inc. (PGAI), the Insurance Commission said.
In a report, the IC said Sun Life led all life insurers in terms of premium income while PGAI led its sector in net premiums written (NPW).
NPW takes into account the effect of ceded reinsurance. It indicates an insurance company’s underwriting process and quality of risk selection. The insurer retains more risks and bigger premiums, factors indicating a company’s financial strength and stability.
The IC report is based on quarterly reports on selected financial statistics submitted by life and non-life insurance companies, as well as mutual benefit associations, at the end of December 2022.
Sun Life led life insurers with a premium income of P52.61 billion. Other life insurance companies with the highest premium income were Pru Life Insurance Corp. of UK with 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.
The total premium income of the sector reached P308.85 billion last year.
Meanwhile, PGAI dominated the non-life insurance sector with NPW amounting to P5.73 billion.
Among non-life insurers, ranking second to PGAI was Malayan Insurance Co., Inc. with P4.5 billion in NPW. It is followed by Pioneer Insurance & Surety Corp. with P3.47 billion, BPI/MS Insurance Corp. with P2.51 billion and Mercantile Insurance Co., Inc. with P2.5 billion.
The total NPW of non-life insurance companies amounted to P56.17 billion last year, rising nearly 10 percent from P51.19 billion in 2021.