Twenty-three life insurance companies in the Philippines surpassed the one-billion mark in total assets as of December 2010, according to data released by the Insurance Commission in August 2011.
The biggest life insurance company — Philam Life or Philippine American Life and General Insurance Company — accounts for 27.4% of the total assets of the Philippine life insurance industry. Together, the three top life insurance companies — Philam Life, Sunlife and Insular Life — accounts for 60.63% of the life insurance sector’s total assets as of December 2010.
Rank Life Insurance Company | Total Assets in Billion Pesos |
1. Philam Life & Gen. | 130.606 |
2. Sunlife | 87.050 |
3. Insular Life | 71.237 |
4. Phil. Axa | 34.277 |
5. Manulife (Phils) | 28.973 |
6. Pru Life | 22.520 |
7. Ayala Life-BPI Philam | 19.986 |
8. United Cocolife | 16.607 |
9. Great Pacific Life | 14.657 |
10. Generali Pilipinas Life | 9.200 |
11. Manulife (Branch) | 6.029 |
12. Pioneer Life | 4.222 |
13. PNB Life | 3.922 |
14. Philam Equitable | 3.888 |
15. Beneficial Life | 3.865 |
16. First Life Financial | 2.791 |
17. Manulife Chinabank | 2.267 |
18. Fortune Life | 2.077 |
19. Paramount Life & Gen. | 1.787 |
20. Sony Life | 1.507 |
21. Great Life Financial | 1.440 |
22. Asian Life Financial | 1.205 |
23. Asian Life & Gen. | 1.202 |
Rank Life Insurance Company | Total Assets in Million Pesos |
24. Caritas Life | 913.323 |
25. United Life | 770.856 |
26. Country Bankers Life | 711.254 |
27. Phil. Prudential | 601.593 |
28. Phil. Interlife | 558.015 |
29. Coop Life Ins. (CLIMBS) | 442.527 |
30. BF Life | 429.947 |
31. Manila Bankers | 225.414 |
32. CAP Life | 216.708 |
33. Cooperative Insurance System (CISP) | 140.784 |
34. Banc Life | 132.365 |
Notes: Name changes as of 2011:
Great Pacific Life became Sun Life Grepa Financial Inc. in November 2011
Ayala Life-BPI Philam is now called BPI-Philam Life Assurance Corp.
List of 34 Life Insurance Companies Licensed for the year 2011-2012
Ranking of Life Insurance Companies by Premium Income as of Dec 2011