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:
|2||Sun Life Phils||195.874||180.731||2|
|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|
|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|
|15||First Life Financial||5.539||4.822||15|
|19||AsianLife & General||2.082||1.939||19|
|20||Philippine Life Financial||2.050||1.803||20|
|22||Generali Life Assurance||1.423|
|23||East West Ageas Life||1.355|
|24||Philam Equitable Life||1.254||1.190||22|
|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.