USING unaudited quarterly reports on selected financial statistics (QRSFS) submitted by life insurers, the Insurance Commission (IC) determined that Sun Life of Canada (Philippines) Inc. led the life insurance sector in terms of premium income and invested assets for the first half of the year.
Sun Life ranked first as it generated P21.2 billion in premium income from January to June this year.
Trailing Sun Life are: Philippine Axa Life Insurance Corp. (Axa Philippines) with P19.78 billion; Pru Life Insurance Corp. of UK or Pru Life UK (P18.14 billion); Allianz PNB Life Insurance Inc. (P16.8 billion); and, BDO Life Assurance Co. Inc. (P9.31 billion).
Apart from premium income, Sun Life also outperformed life insurers in terms of invested assets at P259.63 billion.
Trailing Sun Life in terms of invested assets are: Philippine American Life and General Insurance Co. (Philam Life) with P246.55 billion; Pru Life UK (P150.77 billion); Axa Philippines (P145.82 billion); and, The Insular Life Assurance Co. Ltd. (Insular Life) with P136.25 billion.
Philam Life topped life insurers in terms of net income, net worth and total assets while Pru Life UK led the list in terms of new business annual premium.
In the first semester, Philam Life obtained the top spot with a net income of P6.75 billion. Rounding up the top five in the list were Sun Life (P3.86 billion), Insular Life (P1.7 billion), Axa Philippines (P1.58 billion) and Manulife (P1.2 billion).
In terms of net worth, Philam Life bested other life insurers with a net worth amounting to P62.81 billion. It was followed by Insular Life (P29.61 billion), Sun Life (P22.24 billion), Manulife (P10.21 billion) and Axa Philippines (P9.37 billion).
“The combined net worth of the top ten life insurance companies accounted for a remarkable 85.40 percent of the industry’s entire net worth as of 2Q [second quarter] 2021 based on the QRSFS, amounting to P188.17 billion,” Insurance Commissioner Dennis B. Funa said.
As for total assets, Philam Life posted P276.71 billion, followed by Sun Life (P269.76 billion), Axa Philippines (P152.62 billion), Insular Life (P142.31 billion) and Pru Life UK (P117.19 billion).
Pru Life UK came on top with P4.16 billion in new business annual premium equivalent (NBAPE). Next on the list were Sun Life (P4.02 billion), Axa Philippines (P2.62 billion), Allianz PNB Life Insurance Inc. (2.06 billion) and BDO Life (P1.79 billion).
According to Funa, 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 of single premiums written.
“It is an international standard that this Commission adopted to more accurately measure the life insurance industry’s sales performance,” Funa said.
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