2.24.2012

Insurance Companies in the Philippines Owned/Co-Owned by Banks

By Nora
Here are insurance companies in the Philippines which are owned or co-owned by banks, or affiliated with banks. There's also at least one insurance company that co-owns a bank.

In the list below, only insurance plans for individuals are included.

NOTE also that although these banks own or co-own these insurance companies, they do not guarantee the insurance plans and other products. These plans are also not insured by the Philippine Deposit Insurance Corp. (PDIC).

BANCO DE ORO UNIBANK (BDO)

GENERALI PILIPINAS LIFE ASSURANCE CO.

- joint venture among three companies: Philippines-based SM Group of Companies, Malaysia-based The Kuok Group, and Italy-based Assicurazioni Generali S.p.A. Banco de Oro Unibank (BDO) is a member of SM Group of Companies.

Life insurance products:
- life insurance plans
- combinations of life insurance plans and investment plans
- retirement plans

Non-life insurance products
- Residential fire insurance
- Comprehensive motor car insurance
- Personal accident insurance
- travelinsurance
- Medical and hospital insurance


BANK OF THE PHILIPPINE ISLANDS (BPI)

BPI-PHILAM LIFE ASSURANCE CORP.  (formerly Ayala Life Assurance, Inc.)

- alliance between BPI and Philippine American Life and General Insurance Co. (Philam Life)

Products:
- Accident and health plans
- Life insurance plans
- Combinations of life insurance plans and investment plans

BPI/MS

- joint venture between BPI and Japan-based Mitsui Sumitomo Insurance Co.

Products:
- automobile insurance plans


METROPOLITAN BANK AND TRUST CO. (METROBANK)

AXA PHILIPPINES

- subsidiary of Metrobank Group
- joint venture between Metrobank Group and Global AZA Group of France

Products:
- Traditional life insurance plans
- Combinations of life insurance plans and investment plans, including educational plans


PHILIPPINE NATIONAL BANK (PNB)

PNB LIFE INSURANCE INC.

- affiliate of PNB and subsidiary of Allied Banking Corp. (which has merged with PNB)

Products:
- life insurance plans
- combination of life insurance plans and investment plans
- special insurance plans

PNB GENERAL INSURERS CO.

- subsidiary of PNB

Products:
- non-life
- auto insurance, house insurance


RIZAL COMMERCIAL BANKING CORP. (RCBC)

GREPALIFE FINANCIAL INC., (formerly The Great Pacific Life Assurance Corporation)

- sister company of RCBC. RCBC and Grepalife both belong to the Yuchengco Group of Companies

Products:
- life insurance plans

MALAYAN GROUP OF INSURANCE COMPANIES

Products:
- non-life insurance plans that cover risks including motorcar, fire, marine and cargo, personal accident, miscellaneous casualty and surety


UNION BANK


INSULAR LIFE ASSURANCE

- This insurance firm co-owns Union Bank. The other co-owners are the Social Security System (SSS) and Aboitiz Group.

Products:
- life insurance products
- endowment plans

MAPFRE INSULAR

- co-owned by Spain-based Corporacion Mapfre (75%) and Insular Life (25%)

Products:
- non-life insurance plans that cover risks including motor vehicle, fire and allied lines, personal accident, casualty, liability, micro-insurance, engineering, marine cargo and surety


CHINA BANKING CORP.

MANULIFE CHINABANK LIFE ASSURANCE CORP.

- joint venture between China Banking Corp. (China Bank) and The Manufacturers Life  Insurance Co. (Phils.), Inc.




UNITED COCONUT PLANTERS BANK (UCPB)

UNITED COCONUT PLANTERS LIFE ASSURANCE CORP. (COCOLIFE)

 - parent company of non-life insurer UCPB General Insurance and pre-need company Cocoplans

Products:
- life insurance plans
- combination of life insurance and investment plans
- compulsory insurance plans for OFWs
- health care plan (HMO plan)
- personal accident insurance gift cards

UCPB GENERAL INSURANCE
- non-life plans covering risks including fire, engineering, marine, motor, personal accident,
liability & casualty, and bonds & suretyship
- Personal Accident Greeting Cards
- exclusive products for UCPB clients (home insurance, car insurance, accident insurance, golfer's
insurance)


CITYSTATE SAVINGS BANK

The following three insurance companies are sister companies of Citystate:

FORTUNE LIFE INSURANCE
Products:
- life insurance plans
- combinations of life insurance and investment plans
- personal accident insurance
- hospital income plan

FORTUNE GENERAL INSURANCE CORP.
Products:
- packaged insurance products for teachers and doctors
- personal accident cards
- combination of several insurance products

FORTUNE CARE (HMO)
Products:
- HMO plan
- programs for senior citizens, teachers, tricycle drivers, PUV drivers
- prepaid consultation and examination plan



Insurance Companies in the Philippines Owned/Co-Owned by Banks


NOTE:  Writer is still researching other insurance firms

Insurance Companies in the Philippines 2011-2012

2 comments:

  1. Is there another possible way to activate my bdo online acct except to send the enrollment form to the BDO branch where I get my Kabayan Savings? Im currently here in Qatar. Thank you!

    ReplyDelete
    Replies
    1. Hi Michelle: Have you enrolled already? If not yet, when you enroll, click "Outside the Philippines". Later on, somebody from BDO will call you and verify information that you provided online. If you already enrolled and you clicked "Within the Philippines," wait for your activation period to expire, then enroll again, and click "Outside the Philippines"

      Delete

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