The Insurance Commission, the government body that regulates insurance companies, just released the 2017 Statistics of life insurance companies. Sun Life of Canada (Philippines) Inc. retains its market leadership by having the highest premium income collected last 2017. Premium income includes all the premiums paid by policy holders to the company. The company collected 32.1 billion pesos on premium income, almost 6 billion pesos lead from that of the Philippine AXA life with 26.1 billion pesos. Although Sun Life retains the top spot, it only grew by 778 million in premium income. Philippine AXA Life on the other hand showed an incredible growth from 21.5 billion premium income in 2016 to 26.1 billion in 2017. BPI-Philam, Philam Life and Pru Life UK maintained their 2016 ranking. Sun Life has been the number 1 life insurance company in the Philippines for the last seven years.
The Insurance Commission also showed the ranking of Philippine life insurance companies based on net income. Net Income is a company’s total earnings or profit. Surprisingly, Sun Life of Canada (Philippines) Inc. jumped from 7th position in 2016 to top 1 position in 2017. The company got 6.9 billion pesos net income last 2017 from 1.387 billion net income in 2016. Philam Life ranks 2nd, Insular Life 3rd, Manulife 4th and Philippine AXA Life 5th.
The other statistics released by the Insurance Commission are Assets and Net worth. Philam Life tops the Assets and Net worth category.
As long as the life insurance company fulfils its promise to policy holders, its ranking to these statistics does not really matter. However, it would be great if we know how our life insurance companies are doing financially to help us in our decision making.