Insurance statistics Philippines 2022
When it comes to life insurance in the Philippines, numerous Filipinos view it as a liability rather of a source of finances in case of an unlooked-for accident or unforeseen death. Still, this belief is changing as further Filipinos see the benefits of financially investing in one’s future, especially during these tough times. In fact, out of104.9 million Filipinos, 52 have life insurance.
Still, this composition provides a list of the top life insurance providers in the Philippines, If you’re interested in applying for life insurance. With innumerous life insurance companies available in the country, which bones are at the top, and which bones can you trust
?What’s life insurance and why do you need one
Before jumping into our list, make sure that you understand how life insurance workshop and the value of getting one. Else, you may not find a suitable life insurance policy for you.
In simple terms, having life insurance ensures that your loved bones or‘ heirs’ admit a financial benefit when you, the ensured, dies. Each life insurance policy is different depending on your requirements. Numerous life insurance programs also offer medical benefits to the ensured in case of an accident or serious illness.
Still, getting life insurance is, eventually, for your family. In case of a unforeseen accident, illness, disability, or death, you can insure that your family has the finances to pay for medical bills or to continue living. When the ensured dies, they can cover their loved one’s fiscal future.
Still, talking to a dependable life insurance agent will help answer your questions and clarify your enterprises, If the conception of life insurance is stillconfusing.However, then’s the list of companies that offer the stylish life insurance in the Philippines, If you do n’t know what life insurance to get.
The stylish life insurance providers in the Philippines
The Insurance Commission, an agency under the Department of Finance that oversees life insurance companies and health conservation associations (HMOs) in the country, has lately released the top 10 life insurance companies in the Philippines as of December 31, 2020.
The list consists of the top companies per order, including Net Income, Premium Income, New Business Annual Premium Equivalent (NBAPE), Total Means, and Net Worth. For a comprehensive view of each provider, this list features the stylish life insurance companies for each order
The net income refers to the company’s overall income minus the charges. This factor shows the profitability of a life insurance company, which is an important factor to consider when choosing a life insurance provider. This ranking is grounded on the 2020 data from the Insurance Commission.
1 – Sun Life of Canada (Philippines)
Net Income PHP8.47 billion
Innovated in 1895, Sun Life insurance in the Philippines is the first and the oldest life insurance provider in the country. They offer a range of fiscal products similar as insurance, wealth, and asset operation. These include fiscal services for education, health protection, withdrawal, and group life, among others.
2 – The Philippine American Life and General InsuranceCo.,Inc.
Net Income PHP4.52 billion
AIA Philippines, formerly known as AIA Philam Life, is one of the leading insurance companies in the country. The company specializes in comprehensive life insurance and investment products for protection, health and accident, investment plans, and more. Among the life insurance companies in the country, AIA Philippines ranks first In terms of net worth and means.
3 – The Manufacturers Life Insurance Company (Phils.),Inc.
Net Income PHP4.05 billion
Manulife is one of the largest life insurance companies in the Philippines, ranking fourth in terms of net worth. The fiscal company offers insurance and investment plans for pension, education, medical, credit life, and commercial, among others. They’ve also entered a Gold Award for the 2021 Reader’s Digest Most Trusted Brands.
4 – Pru Life Insurance Corporation of UK
Net Income PHP3.27 billion
Pru Life is one of the life insurance companies in the Philippines that has cemented its presence in the country. They’re known for life insurance plans, health and protection services, and affordable decorations in terms of VUL programs. They also ranked first for the NBAPE order.
5 – Philippine Axa Life Corporation
Net Income PHP2.83 billion
Philippine Axa Life Corporation, popularly known as AXA Philippines, is one of the swift- growing life insurance providers in the country. They offer a wide range of products, including health, investments, income protection, education, and more. In recent times, AXA Philippines has been steadily maintaining its position as one of the country’s top insurance companies
6 – The Insular Life Assurance CompanyLtd.
Net Income PHP2.70 billion
Established in 1910, Insular Life or InLife is the first and largest Filipino life insurance company in the country. They offer a wide range of high- value insurance products for accident, health, and disability protection plans, education and withdrawal plans, and investment plans. They’re also connected to over hospitals, inpatient installations, and dental conventions.
7 – BPI-Philam Life Assurance Corporation
Net Income PHP1.43 billion
BPI AIA is an alliance between AIA Philam Life and Bank of the Philippine Islets (BPI), two of the most trusted fiscal companies in the country. They offer a variety of fiscal products, similar as investment, withdrawal fund, educational fund, particular accident, and more.
8 – Sun Life Grepa Financial, Inc
Net Income PHP958.09 million
Formerly known as Grepalife Financial, Sun Life Grepa is a life insurance company possessed by the Yuchengco Group of Companies and Sun Life Financial Philippines. Away from furnishing fiscal protection products and services, Sun Life Grepa also focuses on fiscal knowledge
9 – United Coconut Planters Life Assurance Corporation
Net Income PHP674.22 million
The United Coconut Planters Life Assurance Corporation, popularly known as Cocolife, offers a range of fiscal products and services fornon-life, healthcare, and collective finances. Cocolife is also the biggest stock life insurance company and the first Filipino- possessed insurance company to be ISO certified.
10 – Manulife China Bank Life Assurance Corporation
Net Income PHP382.85 million
Manulife China Bank is a strategic alliance between Manulife Philippines and China Bank. The company also offers a wide range of life insurance in the Philippines, including education, protection, health, wealth, withdrawal, and group life and health plans.