The tentative ranking, based on companies' unaudited quarterly statistics submissions to the IC, showed Sun Life ranked first among life insurers, ending 2015 with total premiums of P32.8 billion, slightly better than 2014's haul of P30.7 billion, Insurance Commissioner Emmanuel F. Dooc said in a briefing yesterday.
Every year, the insurance regulator ranks local insurance firms based on various metrics, such as premium income.
This is the fifth consecutive year that Sun Life topped the industry in terms of premium income, starting in 2011 with P14 billion, then in 2012 with P20.2 billion and 2013 with P29.7 billion.
Sun Life was followed by Philippine AXA Life Insurance Corp. with P22.82 billion (from P18.35 billion); Philippine American Life and General Insurance Co. with P21.17 billion (from P18.31 billion); BPI Philam Life Assurance Corp. with P20.78 billion from (P14.48 billion) and Pru Life Insurance Corp. of UK with P13.92 billion (from P15.45 billion).
Rounding out the top 10 insurers in 2015 were Manufacturers Life Insurance Co., (Phils) with P13.92 billion; Insular Life Assurance Co., Ltd. with P12.65 billion; Sun Life Grepa Financial, Inc. with P10.15 billion; Generali Pilipinas Life Assurance Co., Inc. with P6.36 billion; and PNB Life Insurance Inc., with P5.83 billion yield.
Based on net income last year, Philippine American Life and General Insurance Co., ranked first with P7.5 billion, followed by Manufacturers Life Insurance Co., (Phils) P4.26 billion; Pru Life Insurance Corp. of UK with P1.83 billion, Insular Life Assurance Co., Ltd. with P1.53 billion and Philippine AXA Life Insurance Corp. with P1.4 billion.
TOP NON-LIFE INSURERS
Meanwhile, among non-life insurance companies, Prudential Guarantee and Assurance Inc., topped the initial ranking with P3.29-billion net premiums written last year, followed by Malayan Insurance Co., Inc. with P2.94 billion; BPI/MS Insurance Corp. with P2.38 billion; Charter Ping An Insurance Corp. with P2.19 billion; and Pioneer Insurance and Surety Corp. with P1.88 billion.
Completing the top 10 non-life insurers were Federal Phoenix Assurance Co. Inc. with P1.79 billion; MAPFRE Insular Insurance Corp. with P1.39 billion; UCPB General Insurance Co., Inc. with P1.36 billion; Standard Insurance Co., Inc. with P1.33 billion and Commonwealth Insurance Co. with P977.89 million.
By net income, Pioneer Insurance and Surety Corp. topped the list of non-life insurers with P701.69 million, then BPI/MS Insurance Corp. with P4.21 million; Malayan Insurance Co., Inc. with P296.29 million; AIG Phil. Ins. Company with P211.78 million and New India Assurance Company Ltd. with P190.14 million.
New player FWD Life Insurance Corp., the Philippine arm of Hong Kong-based FWD Group posted P2.26 billion in premium income, ranking 13th place among life insurers as of end-2015, barely two years since it started its operations in the Philippines.
Meanwhile, Mr. Dooc said the Philippines' insurance industry reported a total premium income of P224.33 billion in 2015, higher by 18.71% from the P188.96 billion posted in 2014. Total net income of the industry also grew by 44.23% to P23.67 billion last year from the preceding year's P16.41 billion.
The IC chief said the rise in the total premium for the insurance industry last year was due to higher sales performance by both life and non-life sectors and mutual benefit associations (MBAs).
Mr. Dooc also said the entire industry's total assets ballooned to a record P1.12 trillion last year from the P1.02 trillion in 2014. Total paid-up capital also grew 2.19% to P41.05 billion last year from P40.17 billion.
For this year, the insurance chief said the total premium income of the country's insurance industry will likely hit between P280 to P300 billion, on the continued growth of life and non-life sectors.
Broken down, Mr. Dooc said the life insurance sector and MBAs could grow by 25%, while the non-life insurance sector could expand by 20%.
The insurance chief said the industry is expected to sustain its expansion, with premium income seen to reach about P500 billion by 2019, almost double the current levels.
Around 38.92 million individuals of the country's total population are covered by insurance policies as of end-2015. In 2016, Mr. Dooc said "the country could hit 40%" and by 2020, approximately "60-70% of the Philippine population would be insured."
Insurance penetration in the Philippines last year was at 1.74%, the IC said.