Insurance Commissioner Dennis Funa recently announced the top ten life insurance companies in terms of Premium Income, New Business Annual Premium Equivalent (NBAPE), Assets, Net Worth, Paid-Up Capital, Invested Assets, and Net Income based on the submitted unaudited Quarterly Reports on Selected Financial Statistics ('QRSFS') as of the quarter ending on December 31, 2020 ('4Q 2020'). Sun Life leads in Net Income and Premium Income In terms of Net Income as of year-end 2020, Sun Life Canada (Philippines), Inc. obtained the top spot, with a Net Income of P8.47 billion. Second on the list was The Philippine American Life and General Insurance Co., Inc., with P4.52 billion. Occupying the third (3rd) and fourth (4th) spots were The Manufacturers Life Insurance Company (Phils.), Inc. and Pru Life Insurance Corporation of UK, respectively, with respective Net Incomes amounting to P4.05 billion and P3.27 billion. Ranked fifth (5th) was Philippine Axa Life Insurance Corporation, with a Net Income of P2.83 billion, and sixth (6th) was The Insular Life Assurance Company, Ltd., with P2.70 billion. Seventh (7th) and eighth (8th) on the list, respectively, were BPI-Philam Life Assurance Corporation, with a Net Income of P1.43 billion, and Sun Life Grepa Financial, Inc., with P958.09 million. Completing the top ten in terms of Net Income were United Coconut Planters Life Assurance Corporation, with a Net Income amounting to P674.22 million, and Manulife Chinabank Life Assurance Corporation, with P382.85 million. Life insurance companies were also ranked in terms of premium income as of the quarter ending 31 December 2020 as follows, to wit: 1. SunLifeofCanada (Philippines),Inc.,withP39.27billion; 2. PhilippineAxaLifeInsuranceCorporation,withP31.27billion; 3. Pru Life Insurance Corporation of UK, with P30.98 billion; 4. ThePhilippineAmericanLifeandGeneralInsuranceCo.,withP16.77billion; 5. BPI-PhilamLifeAssuranceCorporation,withP16.30billion; 6. The Manufacturers Life Insurance Co. (Phils)., Inc., with P15.88 billion; 7. AllianzPNBLifeInsurance,Inc.,withP15.76billion; 8. BDO Life Assurance Company, Inc., with P15.14 billion; 9. FWDLifeInsuranceCorporation,withP13.64billion;and 10. The Insular Life Assurance Company, Ltd., with P10.37 billion. Net Worth In terms of Net Worth as of year-end 2020, The Philippine American Life and General Insurance Co., Inc. ranked first (1st) with a Net Worth amounting to P78.44 billion. Second (2nd) on the list was Sun Life of Canada (Philippines), Inc., with P31.34 billion. Ranked third (3rd) and fourth (4th) were The Insular Life Assurance Company, Ltd., with a Net Worth of P28.22 billion, and The Manufacturers Life Insurance Co. (Phils.), Inc., with P12.86 billion, respectively. Fifth (5th) on the list was BPI-Philam Life Assurance Corporation, with a Net Worth of P8.82 billion, while Philippine Axa Life Insurance Corporation, with P8.04 billion, ranked sixth (6th). Occupying the seventh (7th) and eighth (8th) spots were Pru Life Insurance Corporation of UK, with Net Worth amounting to P6.12 billion, and BDO Life Assurance Company, Inc., with P5.28 billion, respectively. To complete the list, ninth (9th) was Sun Life Grepa Financial, Inc., with a Net Worth of P4.22 billion, and United Coconut Planters Life Assurance Corporation, with P3.03 billion, landed tenth. 'The combined Net Worths of the top ten life insurance companies accounted for a remarkable 87.04 percent of the industry's entire net worth as of year-end 2020 based on the QRSFS, amounting to P214.10 billion,' noted Commissioner Funa. New Business Annual Premium Based on the submitted unaudited QRSFS as of the quarter ending on 31 December 31, 2020, the following companies were ranked in terms of New Business Annual Premium Equivalent (NBAPE) as follows: 1. PruLife Insurance Corporation of UK, with P7.95billion; 2. Sun Life of Canada (Philippines), Inc., withP7.80billion; 3. Philippine Axa Life Insurance Corporation, with P4.81billion; 4. FWD Life Insurance Corporation, with P2.87billion; 5. BPI-Philam Life Assurance Corporation, with P2.83 billion; 6. The Manufacturers Life Insurance Co.(Phils.), withP2.76billion; 7. BDO Life Assurance Company,Inc., with P2.26billion; 8. Allianz PNB Life Insurance, Inc.,with P2.23billion; 9. The Philippine American Life and Genera lInsurance Co., Inc., with P1.86billion; and 10. United Coconut Planters Life Assurance Corporation, with P1.48 billion. 'A life insurer's NBAPE is computed by obtaining the sum of the value of first year premiums from products newly sold in a specific year (or the initialized annualized premium) and ten percent (10 percent) of single premiums written. It is an international standard that this Commission adopted to more accurately measure the life insurance industry's sales performance,' Commissioner Funa explained. Total Assets Life insurance companies were also ranked based on their total assets as of year-end 2020 as follows, to wit: 1. ThePhilippine American Life and General Insurance Co.,with P291.22billion; 2. SunLife of Canada(Philippines),Inc.,withP274.21billion;3. Philippine Axa Life Insurance Corporation,withP141.50billion;4. The Insular Life Assurance Company,Ltd.,withP140.93billion; 5. PruLife Insurance Corporation of UK,withP117.19billion;6. The Manufacturers Life Insurance Company (Phils.),Inc.,withP117.13billion; 7. BPI-Philam Life Assurance Corporation,with P112.26billion;8. BDO Life Assurance Company,Inc.,with P68.47billion;9. Allianz PNB Life Insurance,Inc.,with P51.62billion;and10. Sun Life Grepa Financial, Inc., with P48.57 billion.
