The Insurance Commission of the Philippines (IC) has unveiled the top life insurance companies in the country, based on the New Business Annual Premium Equivalent (NBAPE).
The NBAPE is a standard embraced globally and utilised by the IC to evaluate the performance of the life insurance sector.
Leading the list is Pru Life Insurance Corporation of the UK, which recorded the highest NBAPE of PHP10.54 billion for 2023. This marks an 11% growth from the previous year, solidifying Pru Life UK's position as the top life insurer in the Philippines. The company's NBAPE outpaced its closest competitor by a significant margin of PHP472 million.
“It is with great pride and honour that we achieved the country's number one life insurer position in 2023,” said Francis Ortega, executive vice president and chief financial officer of Pru Life UK. “We express our heartfelt appreciation to our customers, partners, employees, and agency force for their collective efforts that have driven us to achieve this significant milestone.
“Our purpose, ‘For Every Life, For Every Future,’ guides us in providing innovative and accessible solutions to every Filipino. We aim to be the most trusted partner and protector for this generation and generations to come by providing simple and accessible financial and health solutions.”
Following closely behind is Sun Life of Canada (Philippines) Inc, securing the second spot with a total NBAPE of PHP10.07 billion.
FWD Life Insurance Corporation (FWD Philippines) claimed the third position with a NBAPE of PHP4.59 billion.
“As the insurer of the next generation, this achievement underscores our commitment to nation-building and protecting more Filipinos,” said FWD Philippines CEO and resident Antonio Manuel De Rosas. “This is a testament to how we are changing the way people feel about insurance, especially in the Philippines where the insurance penetration rate is at less than 2%.
“Thank you to our employees, partners, financial advisors, and distribution leaders for their commitment in empowering more Filipinos to celebrate living. Most especially to our customers, for their unwavering confidence and trust in FWD.”
