Revealed – top Philippine insurers in 2022
The Insurance Commission (IC) of the Philippines revealed the top insurers in the country for 2022, with Sun Life of Canada topping the life sector and Prudential Guarantee and Insurance (PGAI) dominating the non-life area of the business.
The data comes from IC’s annual financial report from life and non-life insurers in the country, as well as mutual benefit associations. The report found that the insurance sector reached PHP308.85 billion last year.
According to the report from the Philippine Star, Sun Life led all life insurers in terms of premium income while the PGAI led its sector in net premiums written (NPW). Sun Life posted a premium income of PHP52.61 billion, while PGAI recorded an NPW of PHP5.73 billion.
Other chart toppers
The rest of the top life insurers in the country include:
Prudential Life Insurance, with PHP 41.5 billion
Allianz PNB Life Insurance, with PHP33.43 billion
Philippine AXA Life Insurance, with PHP24.22 billion
BDO Life Assurance, with PHP19.17 billion
As for the non-life insurers, the IC listed these firms following PGAI:
Malayan Insurance, with PHP4.5 billion
Pioneer Insurance & Surety, with PHP3.47 billion
BPI/MS Insurance, with PHP2.51 billion
Mercantile Insurance, with PHP2.5 billion
The Philippine government also recently announced its plans for insurance that will protect the country from the effect of storms and typhoons.
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