Revealed – top Philippine insurers in 2022

Sun Life topped the life sector, while Prudential dominated the non-life area

Revealed – top Philippine insurers in 2022

Insurance News

By Kenneth Araullo

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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