Sun Life Philippines and Pioneer Insurance Top Insurance Sector in 2024
Sun Life of Canada (Philippines), Inc. (Sun Life Philippines) and Pioneer Insurance and Surety Corp. led the life and nonlife insurance markets, respectively, in 2024 based on premium income figures released by the Insurance Commission (IC).
Sun Life Philippines recorded the highest premium income among life insurers last year, reaching P57.155 billion. Pioneer Insurance led the nonlife sector with a net premium written of P6.28 billion, according to the IC’s rankings, which were based on unaudited enhanced quarterly reports submitted by insurance companies.
“To be the number one life insurance company is a tremendous honor for Sun Life, more so as we celebrate our 130th anniversary of serving the Filipino nation. This remarkable achievement is a testament to the trust and support of our clients. It also reflects the hard work and dedication of Sun Life employees and advisors, and their relentless pursuit of excellence in serving our clients,” Sun Life Philippines Chief Executive Officer and Country Head Benedict C. Sison said in a statement released on Monday.
“With total earned premiums amounting to P57.15 billion, Sun Life bested the nearest competitor by more than P9 billion, establishing itself as the market leader for the 14th year in a row. In addition, Sun Life ranked number one in net income, invested assets, and total assets,” the company added.
Life Insurance Sector Performance
In the life insurance sector, Pru Life Insurance Corp. of UK (Pru Life UK) secured the second position with P48.15 billion in premium income. Following closely were FWD Life Insurance Corp. (FWD Life Philippines) with P39.85 billion, Allianz PNB Life Insurance Inc. at P32.13 billion, and AXA Philippines Life and General Insurance Corp. (AXA Philippines) with P26.55 billion, rounding out the top five.
BDO Life Assurance Co., Inc. (BDO Life) reported the sixth-highest premium income in 2024 at P19.69 billion, followed by The Insular Life Assurance Co., Ltd., (Insular Life) at P18.46 billion and BPI-AIA Life Assurance Corp. (BPI-AIA Life) at P17.7 billion. The Manufacturers Life Insurance Co. (Phils.), Inc., (Manulife Philippines) ranked ninth with P15.83 billion, while Sun Life Grepa Financial, Inc. completed the top 10 with premium income of P14.49 billion.
Based on net income, Sun Life Philippines led with P10.98 billion, followed by BPI-AIA Life at P4.81 billion and BDO Life at P4.26 billion. Pru Life UK reported P3.72 billion, and AIA Philippines Life and General Insurance Co. Inc. (AIA Philippines) posted P3.53 billion.
In terms of new business annual premium equivalent (NBAPE), Pru Life UK topped the list with P9.83 billion. Sun Life Philippines followed with P8.96 billion, FWD Life Philippines at P7.74 billion, BPI-AIA Life at P5.31 billion, and BDO Life with P4.69 billion.
AIA Philippines’ life unit had the highest net worth among life insurance companies, at P55.94 billion, followed by Sun Life Philippines at P52.42 billion, Insular Life at P43.09 billion, BDO Life with P24.01 billion, and Manulife Philippines at P16.88 billion.
Sun Life Philippines possessed the largest assets among life insurers, totaling P328.79 billion. AIA Philippines’ life unit followed with P256.35 billion, AXA Philippines at P174.49 billion, Insular Life at P155.92 billion, and Pru Life UK at P148.49 billion.
The life insurance sector’s overall premium income increased by 13.56% to P352.02 billion in 2024, with data from 31 of the 35 licensed companies contributing to this figure.
Nonlife Insurance Sector Highlights
In the nonlife sector, Malayan Insurance Co., Inc. was the second-highest performer, recording P5.36 billion in net premiums written (NPW). Prudential Guarantee & Assurance, Inc. (PGA) followed at P4.29 billion, Stronghold Insurance Co., Inc. (Stronghold Insurance) at P4.11 billion, and BPI/MS Insurance Corp. (BPI/MS Insurance) at P3.15 billion.
Standard Insurance Co. Inc. ranked sixth with P3.08 billion, followed by Pacific Cross Insurance, Inc. with P2.81 billion. Mercantile Insurance Co., Inc. held eighth place with P2.62 billion, with the nonlife unit of AXA Philippines at ninth with P2.14 billion, and the nonlife unit of Paramount Life & General Insurance Corp. rounding out the top 10 with P2.02 billion in premium income.
Insurance Company of North America led in net income, with P585.75 million, followed by Pioneer Insurance with P529.52 million, Standard Insurance with P433.75 million, Stronghold Insurance with P431.92 million, and Petrogen Insurance Corp., also at P431.92 million.
Pioneer Insurance demonstrated the highest net worth among nonlife insurers in 2024, at P18.24 billion, followed by Malayan Insurance at P6.03 billion. Standard Insurance followed at P4.95 billion, Petrogen Insurance had P4.45 billion, and Travellers Insurance & Surety Corp. with P4.41 billion.
Pioneer Insurance was also the largest nonlife insurance company in terms of assets, with P54.8 billion. Malayan Insurance had P40.92 billion, PGA held P20.57 billion, BPI/MS Insurance had P17.75 billion, and Standard Insurance posted P10.86 billion.
The combined net premiums written of nonlife insurers increased by 10.49% year-on-year to P71.84 billion in 2024, based on submissions from 55 out of 59 licensed firms.
