Sun Life Remains Top Insurance Company for 2015 with 32.8 Billion Premium Income


Last Updated on by Raymund Camat

sunlifefinancSun Life remains the Philippines’  number one insurance company according to the recently released tentative ranking of life insurance companies based on premium income. Premium income is the widely used criterion in measuring the performance of insurance companies worldwide. It is defined as the revenue generated by an insurance company from the total premium it charges on its policies. This is the 5th consecutive year Sun Life earned the number one spot. Surely, the company and the financial advisors are rejoicing with this well deserved achievement. The company vowed to retain the position this year as the “friendly” competition is getting stiffer every year with the entrance of new players in  the industry.

In 2015, Sun Life collected 32.8 Billion pesos premium from its policy holders. It is slightly higher from its 2014 premium income of 30.728 Billion pesos. The company exceeded the premium income of Philippine Axa Life (top 2) by 10 billion pesos. The French insurance giant collected 22.8 billion pesos of premium in 2015. AXA is followed by Philippine American Life and General Insurance Co. with P21.17 billion (from P18.31 billion in 2014); BPI Philam Life Assurance Corp. with P20.78 billion from (P14.48 billion in 2014) and Pru Life Insurance Corp. of UK with P13.92 billion (from P15.45 billion in 2014). Sun Life Financial’s sister company, Sun Life Grepa Financial, is ranked at number 8.  The rest of the ranking can be found in  this link.

Major Changes in 2015 

  • BPI-Philam took the 4th spot from Pru Life UK
  • PNB Life got the 10th position from Manulife (now in 11th position)
  • New industry player FWD Life  jumped from 29th position in 2014 to 13th position in 2015.  With the company’s current bancassurance relationship with Security Bank, there is no doubt that FWD will soon be in top 10.
  • Sun Life is still number 1 in premium income from VUL products while Philam retains the number one spot in traditional plans. Example of variable universal life (VUL) plans are the Sun Maxilink Prime, Sun Flexilink and Sun Maxilink Bright and Sun Maxilink One. Examples  of traditional plans are the Sun Dream Achiever, Sun Acceler8  and the Sun Life Assure.
  • Grand total premium income of the whole  industry is 188 billion pesos, higher than the 2014 total premium income of 158 billion pesos. The Insurance Commissioner projected the growth of premium income of 500 billion in pesos in 2019. It is amazing to see the industry is growing year over year but sadly insurance penetration is only 1.74% in the Philippines; meaning many Filipinos don’t have any kind of life insurance as of the moment.

The Insurance Commission also ranked insurance companies based on assets, net worth, paid up capital and net income.  Sun Life ranked number 2 in assets, number 3 in net worth, number 10 in paid up capital and number 8 in net income. I recommend getting your life insurance policies from reputable life insurance companies with good performance/ranking in these criteria. If you are having difficulty choosing or deciding what life insurance company to get your first life insurance policy, analyzing the rankings would be a good start. Let the numbers speak!

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Raymund F. Camat, CIS, REB, CWP®, CEPP® is a SEC-Certified Investment Solicitor (CIS), Certified Wealth Planner and Certified Estate Planner, Phils. He is also a licensed insurance and mutual fund advisor for Sun Life Financial. He wants to educate the Filipino public on the importance of financial planning, investment planning, wealth planning and estate planning. He offers Personal and Family Wealth Planning to Filipinos from different generations. He has a bachelor's degree from the University of the Philippines. You can reach him at 09179698062 (Globe/TM/ABS-CBN/Viber), 09392787408 (Smart/TalkNText/Sun Cellular), (02) 508-9025 (Landline) or email him at For OFWs, he also conduct online video consultation through Skype, Viber or FB Video Call. ________________________________________ DISCLAIMER: This website reflects only the views and opinions of Raymund F. Camat and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisors/agents and the employees of any life insurance or investment company.
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