Choosing a life insurance company to entrust your future is a critical decision. To help you make an informed decision, we’ve compiled a list of the top insurance companies in the Philippines based on the Insurance Commission’s 2019 report of premium income. Premium income refers to the revenue generated by an insurance company based on the premium it charges, which could give you an idea of the size of its business.
The Insurance Commission also has other lists for different categories, including paid-up capital, net worth, net income, and new business annual premium equivalent (NBAPE), which we have also indicated when applicable in the list.
Ready to learn more? Get to know the top insurance companies in the Philippines below.
Sun Life of Canada Philippines Inc.
Sun Life has been operating in the Philippines since 1895. Known for its financial literacy campaigns, it has consistently done its best to make life brighter for every Filipino, providing life and investment products for every life stage, including some that are specifically for estate planning. The company is no stranger to setting high expectations for itself. In 2015, it was able to achieve all the goals under its five-year growth plan called Route 5, earning them the “Life Insurance Company of the Year” award at the 19th Asia Insurance awards in Singapore as well as the distinction of “Employer of the Year” given by the Management Association of the Philippines.
#1 in Net Income
#2 in Net Worth
#1 in NBAPE
#16 in Paid-Up Capital
Pru Life Insurance Corporation of UK
This British company first came to Philippine shores in 1996, but wasted no time making itself relevant to its clients. In just two years, it became one of the top 10 life insurance companies in the country in terms of First Year Premiums (FYPs). A few years later, it became the first to offer unit-linked or investment-link life insurance in the Philippines, giving Filipinos the ability to invest and still protect their income. You can check out their latest fund information (July 2020) here. While financial literacy is an advocacy most financial institutions have gotten behind, Pru Life was the first to create a special financial literacy program geared towards children that spanned countries and platforms.
# 3 in Net Income
#9 in Net Worth
#2 in NBAPE
#19 in Paid-Up Capital
Philippine AXA Life Insurance Corporation
AXA Philippines was established in 1999 as a joint venture between the AXA Group in France, GT Capital Holdings, Inc. (GT Capital), a leading listed conglomerate in the Philippines, and Metropolitan Bank and Trust Company (Metrobank), one of the Philippines’ largest financial institutions. For those who are looking to customize their own life insurance plan, AXA Philippines offers the MyLifeChoice plan, which allows you to choose your coverage amount, payment terms, investment funds, and supplementary benefits.
#4 in Net Income
#6 in Net Worth
#3 in NBAPE
#7 in Paid-Up Capital
The Manufacturers Life Insurance Company (Phils.) Inc.
More popularly known as Manulife Philippines, this insurance company positions itself as your solutions partner for your dreams and goals. It was recently named the Best Digital Life Insurance Company at the Global Banking and Finance Awards 2019. In light of the recent pandemic, Manulife Philippines has launched a series of free webinars to help Filipinos manage key aspects of their life better—from wellness to finance. You can check out their videos here.
#6 in Net Income
#4 in Net Worth
#4 in NBAPE
#8 in Paid-Up Capital
BPI-Philam Life Insurance Corporation
As one of the fastest-growing bancassurance companies in the Philippines, BPI-Philam Life Insurance Corporation aims to provide the right products for specific stages in its clients’ lives. Its partnership with Philam Life also means that certain health plans can be combined with Philam Life’s own Philam Vitality rewards program—more on this below. Its dedication to serving its clients has earned it the title of Best Life Insurance Company in the Philippines for the third consecutive year from London-based international business and finance magazine World Finance.
#8 in Net Income
#7 in Net Worth
#5 in NBAPE
#10 in Paid-Up Capital
Philippine American Life & Gen Ins. Co. (life unit)
Philam Life has been serving Filipinos for 70 years. Unlike other life insurance companies, its parent company, AIA, is focused on the Asia-Pacific region, allowing it to develop programs that are aligned with the specific needs and interests of its clients. Much like BPI-Philam, Philam Life is committed to matching its clients and their goals with the right products. Aside from the usual income protection and health products, Philam Life has taken its dedication a step further with Philam Vitality, a health program that doesn’t just offer health coverage, but actually rewards its clients for living healthy.
#2 in Net Income
#1 in Net Worth
#7 in NBAPE
#5 in Paid-Up Capital
BDO Life Assurance Company Inc.
BDO Life Assurance Company Inc. is a bancassurance company that offers an insurance plan for its clients’ every need. Whether you’re working your way towards long-term savings or making your health a priority, there is a product for you. If you already have existing investments with BDO and are happy with its management, you’ll be glad to know that BDO Life’s funds are managed by professional fund managers from BDO’s Trust and Investments Group.
#7 in Net Income
#5 in Net Worth
#6 in NBAPE
#4 in Paid-Up Capital
The Insular Life Assurance Company, Limited
As the first and largest Filipino life insurance company in the country, Insular Life has spent more than 100 years helping Pinoys identify and manage their financial priorities. Like many top life insurance companies, Its products are geared towards three main financial objectives: saving, protecting, and investing. Filipinas who are looking for products specific to women may be interested in Insular Life’s She Cares by Sheroes, a three-in-one plan developed specifically for Filipinas. Aside from investment and other supplementary benefits, it offers higher coverage and prolonged protection up to 70 years old.
#5 in Net Income
#3 in in Net Worth
#10 in NBAPE
FWD Life Insurance Corporation
Although a relative newcomer to the Philippines, FWD Life Insurance Corporation is on its way to becoming one of the leading pan-Asian life insurers. It aims to serve clients better with fresher customer experiences, straightforward products, and leading digital technologies, making it an attractive option for younger and more active clients. Case in point: Its product line, KanDuu, has plans that can be bought online in minutes. One specific health plan, KanMend, offers up to P100,000 in coverage covering 42 critical illnesses and access to telemedicine services. It also waives medical tests for clients who are between 18 to 50 years old, effective up to age 55 years old.
#12 in Net Income
#11 in Net Worth
#8 in NBAPE
# 3 in Paid-Up Capital
Allianz PNB Life Insurance, Inc.
This life insurance company is part of the Allianz Group, a global financial services provider that began operations in the Philippines in 2001. Aside from offering plans for savings and investment, protection, health, education, and retirement, Allianz PNB also has a partnership with HSBC that began in 2017. It has since resulted in several plans specifically for HSBC customers. In August 2020, the company launched the Peso-Hedged Diversified Income Dividend Paying Fund for HSBC Premier customers.
#14 in Net Worth
#11 in NBAPE
#28 in Paid-Up Capital
Just reading up about these life insurance companies isn’t enough. Finding the best insurance company for you has a lot to do with your financial priority and your current circumstances. You might also want to review their long-term fund performances or look up their ability to honor claims and other benefits. Try contacting their financial advisors as well to get a better feel of the service you can expect to get from each one.
Protecting your income and your health is part of the wealth generation cycle. After you’ve figured out how to choose the right insurance company for you, click here to learn about what comes after this phase.
