Life Insurance Companies in the Philippines With Licenses Renewed for 2011
UPDATE as of November 2011:
For the 2011-2012 license year, the 34 life insurance companies licensed for the past year have renewed their licenses. There was only one change in the industry — Grepalife Financial, Inc. became Sun Life Grepa Financial, Inc. The Philippine unit of Canadian firm Sun Life Financial bought 49 percent of Grepalife and assumed management control in October 2011.
In 2010, there were 35 life insurance companies whose licenses were renewed or issued. For the year 2011, there are 34 firms. One is missing from the list.
There’s one new name on the list:
CLIMBS Life & General Insurance Cooperative (It’s not explained in the Insurance Commission’s 2011 list, but further research says that this is formerly Coop Life Insurance and Mutual Benefit Services, which is on the 2010 list)
There are two name changes:
Ayala Life Assurance Inc. to BPI-Philam Life Assurance Corporation
Great Pacific Life Assurance Corp. to Grepalife Financial, Inc.
There’s one missing company on the 2011 list, which was on the 2010 list:
National Life Insurance Co. of the Phil. (I’ve been researching what happened to this firm. So far, I’m not getting any result aside from its Ayala, Makati address.)
Following are the 34 Licensed Life Insurance Companies for the year 2011:
Four of these firms offer both life and non-life insurance policies. These are:
1. AsianLife and General Assurance Corporation
(name before 2003 was ATR Professional Life Assurance Corporation)
2. CLIMBS Life & General Insurance Cooperative
3. Paramount Life & General Insurance Corporation
4. Philippine American Life and General Insurance Company
These 30 other firms offer only Life Insurance Policies:
1. AsianLife Financial Assurance Corporation
(name before 2003 was All Asia Life Assurance Corporation)
2. Banclife Insurance Company, Inc.
3. Beneficial Life Insurance Company, Inc.
4. BF Life Insurance Corporation
5. BPI-Philam Life Assurance Corporation
(formerly Ayala Life Assurance, Inc.)
6. CAP Life Insurance Corporation
7. Caritas Life Insurance Corporation
8. Cooperative Insurance System of the Philippines
9. Country Bankers Life Insurance Corporation
10. First Life Financial Company, Inc.
(name before 2007 was First Guarantee Life Assurance Co.)
11. Fortune Life Insurance Company, Inc.
12. Generali Pilipinas Life Assurance Company, Inc.
13. Great Life Financial Assurance Corporation
(name before 2007 was Nippon Life Insurance Company of the Philippines)
14. Grepalife Financial, Inc. (became Sun Life Grepa Financial Inc. in November 2011)
(formerly Great Pacific Life Assurance Corp.)
15. Insular Life Assurance Company, Ltd., The
16. Manila Bankers Life Insurance Corporation
17. Manufacturers Life Insurance Company (Phils.), Inc., The
18. Manufacturers Life Insurance Company (Branch), The
19. Manulife Chinabank Life Assurance Corporation
(formerly The Pramerica Life Insurance Co., Inc.)
20. Philam Equitable Life Assurance Company, Inc.
21. Philippine AXA Life Insurance Corporation
22. Philippine Prudential Life Insurance Company, Inc.
23. Philippines International Life Insurance Company, Inc.
24. Pioneer Life Inc.
25. PNB Life Insurance, Inc.
26. Pru Life Insurance Corporation of U.K.
27. Sony Life Insurance (Phils.) Corporation
28. Sun Life of Canada (Philippines), Inc.
29. United Coconut Planters Life Assurance Corporation
30. United Life Assurance Corporation
Related Article: Licensed Life Insurance Companies in 2010, with lists of top-performing companies
Philhealth Premiums for Professionals
The 100 percent increase in Philhealth premiums effective October 1 for Voluntary or Individually Paying Members who are Professionals has been opposed by many groups and a number of government officials, but it appears that Philhealth is going to implement the increase, as it continues to explain why the increase is needed.
Philhealth Branches in North Metro, Central Metro and Bulacan
What do you get from Philhealth?
Philhealth will pay a portion of your hospital bill if you were confined in a Philhealth-accredited hospital. It could pay one-fifth or more of your bill, depending on the category of the hospital, the kinds of treatments performed on you, your room rate, your doctor’s fee, your medicines, your laboratory fees and the gravity of your sickness.
Licensed Insurance Companies in the Philippines
A number of readers are asking about insurance company Philippine Prudential Life Insurance Co., so I decided to present this list. Data is based on information presented by the Insurance Commission on its web site.
List of the 35 Life Insurance Companies in the Philippines Whose Licenses Were Renewed for the Year 2009 to 2010
1. AsianLife and General Assurance Corp.
(formerly ATR Professional Life Assurance)
2. AsianLife Financial Assurance Corp.
(formerly All Asia Life Assurance Corp.)
3. Ayala Life Assurance Inc.
4. Beneficial Life Insurance
5. BF Life Insurance Corp.
6. BancLife Insurance Co.
7. CAP Life Insurance Corp.
8. Caritas Life Insurance Corp.
9. Cooperative Insurance System of the Phil.
10. Coop Life Insurance and Mutual Benefit Services
11. Country Bankers Life Insurance Corp.
12. First Life Financial Co.
(formerly First Guarantee Life Assurance Co.)
13. Fortune Life Insurance Co.
14. Generali Pilipinas Life Assurance Co.
15. Great Pacific Life Assurance Corp.
16. Great Life Financial Assurance Corp.
(formerly Nippon Life Insurance Co. of the Phil.)
17. Insular Life Assurance Co.
18. Manila Bankers Life Insurance Corp.
19. Manufacturers Life Insurance Co. (Phil)
20. Manufacturers Life Insurance Co. (Branch)
21. Manulife Chinabank Life Assurance Corp.
(formerly Pramerica Life Insurance Co.)
22. National Life Insurance Co. of the Phil.
23. Paramount Life and General Insurance Corp.
24. Philam Equitable Life Assurance Co.
25. Philippine American Life and General Insurance Co.
26. Philippine AXA Life Insurance Corp.
27. Philippine Prudential Life Insurance Co.
28. Philippines International Life Insurance Co.
29. Pioneer Life Inc.
30. PNB Life Insurance Inc.
31. Pru Life Insurance Corp. of UK
32. Sony Life Insurance (Phils.) Corp.
33. Sun Life of Canada (Philippines) Inc.
34. United Life Assurance Corp.
35. United Coconut Planters Life Assurance Corp.
Based on paid-up capital as of Dec 31, 2009, the top ten firms are:
- Philam Life and Gen
- Sony
- BPI Philam Life (Philam and Ayala Life of BPI)
- United Cocolife
- Sunlife
- Great Life Financial
- Manulife Chinabank
- Manulife Phils
- Beneficial PNB (Beneficial Life and PNB Life Insurance)
- Grepalife Financial
Philippine Prudential Life is ranked 22nd among 35 insurance companies based on paid-up capital.
Based on net worth as of Dec 31, 2009,the top ten firms are:
- Philam Life Gen
- Insular Life
- Sunlife
- United Cocolife
- Manulife (Branch)
- Grepalife Financial
- Manulife (Phils)
- Phil. AXA
- Beneficial PNB
- BPI Philam Life
Philippine Prudential Life is ranked 28th among 35 insurance companies based on net worth.
Based on premium income as of December 31, 2009, the top ten firms are:
- Philam Life and Gen
- Sunlife
- Insular Life
- Phil AXA
- BPI Philam Life
- Pru Life
- Generali Pilipinas
- Manulife (Phils)
- Grepalife Financial
- United Cocolife
Philippine Prudential Life is ranked 17th among 35 insurance companies based on premium income.
UPDATE: List of Licensed Life Insurance Companies in the Philippines for the year 2011
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