Top Life Insurance Companies by Assets 2016

Here’s a ranking of the 30 life insurance companies in the Philippines, based on assets as of the year
2016, based on annual statements submitted to the Insurance Commission:

Rank   Insurance Company Total
Assets
   
Total Assets    Rank
2016 Billion Billion 2015 
Pesos Pesos
2016 2015
1 Philam Life 200.789 187.904 1
(Life unit)
2 Sun Life Phils 195.874 180.731 2
3 Insular Life 132.071 106.893 3
4 Philippine AXA Life  87.823 79.146 5
5 Pru Life Insurance UK  86.274 80.702 4
6 BPI Philam Life  85.513 73.240 7
7 Manulife Phils 84.428 74.387 6
8 SunLife Grepa Financial  41.740 39.788 8
9 BDO Life Assurance  28.107 21.798 11
formerly Generali Pilipinas Life
10 Manulife Chinabank Life  26.381 21.345 12
11 United Coconut Planters  23.964 22.759 10
12 Allianz PNB Life  23.612 22.906 9
13 Pioneer Life  10.572 9.301 13
14 Beneficial Life  5.674 5.291 14
15 First Life Financial  5.539 4.822 15
16 FWD Life  5.331 2.971 17
17 Fortune Life  3.993 3.684 16
18 Paramount Life  2.695 2.545 18
(Life unit)
19 AsianLife & General  2.082 1.939 19
(Life unit)
20 Philippine Life Financial  2.050 1.803 20
21 CLIMBS Life   2.045 1.608 21
(Life unit)
22 Generali Life Assurance  1.423
23 East West Ageas Life   1.355
24 Philam Equitable Life  1.254 1.190 22
25 United Life  1.178 1.164 23
26 Caritas Life   1.083 1.092 24
27 Country Bankers Life  1.074 0.898 27
28 Cooperative Insurance System     1.040 0.559 28
29 Phil. International Insurance  0.981 1.020 25
30 Manila Bankers Life  0.449 0.316 29

Changes from the 2015 Ranking:

1. BDO Life Assurance Co. Inc. is the new name of Generali Pilipinas Life Assurance Co. Inc. 
    In 2016, BDO Unibank acquired Generali Pilipinas Holdings Company Inc. (GPHC), the parent company of life insurer Generali Pilipinas Life Assurance Company (GPLAC) and non-life insurer
Generali Pilipinas Insurance Company (GPIC).

2. Generali Life Assurance Philippines Inc. was relaunched in 2016 as a life insurance company after it was acquired by Generali Group of Italy. It was formerly a non-life insurer.

3. Allianz PNB Life Insurance, Inc. is the new name of PNB Life Insurance Inc., the life insurance subsidiary of Philippine National Bank (PNB), after 51% of PNB Life Insurance was acquired by Allianz in 2016.

4.  EastWest Ageas Life Insurance Corp. (EastWest Ageas Life) is a new life insurance company licensed by the Insurance Commission in 2016. It’s a joint venture of EastWest Bank and Belgian-based international insurance group Ageas Insurance International NV (Ageas).

5. Phil. International Insurance refers to Philippines International Life Insurance Company Inc.

6. Philippine Prudential Life Insurance Co. (PPLIC) was placed under receivership by the Insurance Commission on September 27, 2017.  PPLIC was No. 26 in total assets in the 2015 life insurance company ranking. It had nearly 948.6 million pesos in assets in 2015.

7. CAP Life Insurance had the lowest total assets in the Insurance Commission’s ranking of insurance companies in 2015. It had only 316.2 million pesos in assets.  Now it’s no longer in the list.

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