Sun Life of Canada (Philippines) has retained its position as the leading life insurance company in the Philippines last year, said the Insurance Commission (IC).
Insurance Commissioner Dennis Funa said Sun Life recorded a total new business annual premium equivalent (NBAPE) of PHP9.61bn ($193m) in 2019, the highest among life insurance companies in the country, according to data from the unaudited quarterly reports submitted by life insurers.
The Insurance Commissioner said Sun Life also ranked first in the industry in terms of premium income, posting PHP39.51bn in 2019, according to a report in The Philippine Star.
The Top 5 life insurers in 2019 were:
| Insurer |
NBAPE
(PHP bn)
|
Premium income
(PHP bn)
|
| Sun Life of Canada (Philippines) |
9.61 |
39.51 |
| Pru Life Insurance Corp. of UK |
7.67 |
6.97 |
| Philippine Axa Life Insurance Corp |
5.50 |
26.24 |
| Manufacturers Life Insurance (Manulife) |
4.36 |
18.35 |
| BPI-Philam Life Assurance Corp |
3.90 |
17.24 |
Sun Life also took the top spot in terms of net income as it booked a net profit of PHP8.21bn last year.
According to data from the IC, the life insurance industry’s total net income in 2019 rose by 20.38% to PHP45.12bn compared to 2018. Premium income also increased by almost 5% to PHP304.64bn.
Top for ninth consecutive year
According to Sun Life, its achievement in 2019 means it has retained the top spot for the ninth consecutive year.
Sun Life of Canada (Philippines), Inc President Alex Narciso said, “This is a wonderful milestone to commemorate Sun Life’s 125th anniversary with. Together with our advisors and employees, we thank the clients who have trusted us all these years, and reiterate our promise of a lifetime partnership with them.”
According to Sun Life Philippines CEO & Country Head Benedict Sison, “More than ever, we look forward to serving Filipinos as the country prepares to rise above the COVID-19 pandemic. We are confident that the Filipinos will once again prevail over this current challenge and we promise to be with them every step of the way, providing them with lifetime financial security and helping them live healthier lives.”
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