Sun Life of Canada (Philippines) has retained its position as the leading life insurance company in the Philippines last year, according to the Insurance Commission (IC).
Citing data from the unaudited quarterly reports submitted by life insurance companies, 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 insurers in the country.
Mr Funa 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:
Sun Life of Canada (Philippines)
Pru Life Insurance Corp. of UK
Philippine Axa Life Insurance Corp
Manufacturers Life Insurance (Manulife)
BPI-Philam Life Assurance Corp
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.