Updated May 4, 2024
Here are the top life insurance companies in the Philippines, based on Net Worth as of December 31, 2023, as published by the Insurance Commission.
30 life insurers have passed the one-billion peso mark in net worth as of December 31, 2023.
| RANK | LIFE INSURANCE COMPANIES | NET WORTH |
| 1 | AIA Philippines Life and General Ins. Co. Inc. | 59.45 B |
| 2 | Sun Life of Canada (Philippines) Inc. | 49.48 B |
| 3 | Insular Life Assurance Co. | 46.34 B |
| 4 | BDO Life Assurance Co. | 20.20 B |
| 5 | Manufacturers Life Insurance Company (Phils.), Inc. | 15.41 B |
| 6 | Philippine Axa Life Insurance Corp. | 11.23 B |
| 7 | BPI-AIA Life Assurance Corp. | 9.31 B |
| 8 | Sun Life GREPA Financial, Inc. | 6.10 B |
| 9 | FWD Life Insurance Corp. | 6.01 B |
| 10 | United Coconut Planters Life Assurance Corp. | 5.26 B |
| 11 | PRU Life Insurance Corporation of U.K. | 4.33 B |
| 12 | Manulife Chinabank Life Assurance Corp. | 3.40 B |
| 13 | Pioneer Life, Inc. | 3.29 B |
| 14 | Allianz PNB Life Insurance Inc. | 2.96 B |
| 15 | Paramount Life and General Insurance Corp. | 2.38 B |
| 16 | East West Aegas Life Insurance Corp. | 1.83 B |
| 17 | Maxicare Life Insurance Corp. | 1.82 B |
| 18 | Etiqa Life & General Assurance Philippines Inc. | 1.78 B |
| 19 | The Travellers Life Assurance of the Phils Inc. | 1.71 B |
| 20 | Fortune Life Insurance Company, Inc. | 1.70 B |
| 21 | First Life Financial Co. | 1.69 B |
| 22 | United Life Assurance Corp. | 1.66 B |
| 23 | Beneficial Life Insurance Co. | 1.61 B |
| 24 | Philippine Life Financial Assurance Corp. | 1.56 B |
| 25 | CLIMBS Life & General Insurance Cooperative | 1.55 B |
| 26 | 1 CISP Life and General Insurance | 1.55 B |
| 27 | Generali Life Assurance Philippines Inc. | 1.51 B |
| 28 | Philippines International Life Insurance Co. | 1.49 B |
| 29 | SeaInsure Life Insurance Co. | 1.44 B |
| 30 | Country Bankers Life Insurance Corp. | 1.42 B |
| 31 | Singlife Philippines, Inc. | 852.49 M |
| 32 | Manila Bankers Life and General Insurance Corp. | 805.79 M |
| The Premier Life and General Assurance Corp. |
Alphabetical List of Life Insurance Companies in the Philippines
Top Non-Life Insurance Companies in the Philippines, by Assets, Dec 2020
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
Post a Comment