Approximately 4 million Filipinos were insured by HMOs in 2017, and the average MBL was only Php150,000. Undoubtedly a big benefit for sick workers. However, it is insufficient to address serious medical issues like heart attack, cancer, stroke, etc.
Numerous organizations are competing for the title of best life insurance. Even some blogs and websites have made the decision to compile the information from the Insurance Commission (IC) in order to create their own ranking.
Five financial reports from IC were made public in April 2022, and various companies dominated each category. However, only one of the five factors is frequently used to rank the top 10 life insurance providers.
“Premium Income” refers to the life insurance sector worldwide, not just in the Philippines. The money that an insurer makes from the premiums that clients pay for insurance products is known as premium income. The amount incurred by the consumer for a given period of the insurance product, such as a health insurance policy, is referred to as the premium.
1. Sun Life Financial
As of 2022, Sun Life is regarded as the best insurer. It is based on the Insurance Commission’s most recent performance report, which was released in April 2022. Sun Life has thus won the premium income category in traditional (whole life, term, and endowment) and variable policies for the eleventh time in a row.
Traditional and VUL Plans from Sun Life
Before purchasing any insurance plan, it’s crucial to take the reputation of the insurance provider into account. You want the business to be operating effectively when the need arises so it can fulfill its duties to you.
However, you shouldn’t rely on this alone to obtain a plan. You should also think about convenience, client satisfaction, a renowned financial advisor, etc. A VUL plan is ideal for you if you desire income protection along with a wealth-building strategy. A VUL plan is made to provide you with security and peace of mind while gradually increasing your savings.
2. AXA Life Insurance, Corp. of the Philippines
AXA Philippines was only founded in the Philippines in 1999, but because to its bancassurance operation, it has experienced tremendous development and market penetration. It is a partnership between Metrobank Group and AXA Group.
With the exception of Net Worth, where it drops one position, the corporation remains stable and has retained the majority of its rankings across all categories. Despite being solid, it nearly didn’t expand by bringing in new clients.
3. Pru Life UK Insurance Corp.
The business began operations in 1996, making it 23 years old in the Philippines’ life insurance market. Pru Life UK got third place on the list despite being comparatively new compared to its competitors.
In terms of Premium Income, NBAPE, and Total Assets, Pru Life kept its position. Despite holding onto the top rank in NBAPE for two years, Sun Life’s performance was only marginally better. Additionally, there was a definite decrease in its net worth by three positions and net income by four positions.
4. Incorporated Allianz PNB Life Insurance
Founded in 2001 and operating as a subsidiary of Alliance SE, Allianz PNB Life has had phenomenal development, rising from 10th place to 9th among the top 10 life insurance providers in the Philippines.
This year, the business of Allianz PNB is revolutionary. It moved up three spots in the premium income rankings, four spots in the NBAPE, and seven spots in the net worth rankings. Although its net income and total assets remain unchanged.
5. The FWD Life Insurance Company
2014 saw the introduction of FWD in the Philippines. They are able to rank among the top 10 life insurance firms in the Philippines despite being a relatively new player in the market.
In terms of premium income, FWD was able to go up 5 positions while its NBAPE fell one position. Additionally, their net worth and income both increased. Although their position in terms of their total assets has not changed.