Top 10 Life Insurance Companies in the Philippines for 2024: How to Choose the Best for You

Last updated on November 20, 2024

You’re building a life you love, working hard, chasing your dreams, and doing everything to secure a bright future. But what if one unexpected event changes everything? That’s where life insurance comes in—it’s not just a financial safety net; it’s peace of mind for you and your loved ones, ensuring that no matter what happens, their future is protected. Whether you’re just starting out or trying to find the most reliable company to trust with your hard-earned money, knowing which life insurance providers truly stand out can make all the difference.

This guide will provide insights into the top 10 life insurance companies in the Philippines for 2024, based on the most recent annual financial data from the Insurance Commission (IC). By the end of this blog, you’ll have the knowledge to decide which one best fits your needs.

The Importance of Life Insurance in the Philippines

Before we dive into the rankings, let’s briefly touch on why life insurance is such a critical financial tool for Filipinos, especially as healthcare costs continue to rise.

According to the Philippine Statistics Authority (PSA), out-of-pocket expenses made up 44.4% of total health spending in 2023. What does this mean? In simple terms, almost half of all medical expenses in the Philippines are paid directly by individuals and families from their own pockets. For criticall illnesses like cancer and heart disease, hospital bills can easily go beyond PHP 1 million, leaving many Filipinos struggling to pay.

As medical costs continue to rise, many Filipinos find themselves financially unprepared to handle these expenses, highlighting the importance of having proper financial protection. This makes life or health insurance even more crucial in helping cover such massive costs.

Despite these rising costs, the Insurance Commission reports that only 1.71% of Filipinos are covered by insurance, leaving the vast majority vulnerable to financial hardship in the event of illness or death. This significant insurance gap, combined with the increasing prevalence of lifestyle diseases and longer life expectancy, highlights the role life insurance plays in managing financial risks. It not only secures the future of families but also helps protect against the growing burden of healthcare expenses today.

Efforts to improve financial literacy and awareness, led by both the government and private sectors, play a significant role in addressing this gap in the country. This includes initiatives from life insurance companies and the broader insurance sector.

But with so many life insurance companies to choose from, how do you know which one is the best? This is where this blog can help.

The Criteria: What Makes A Top Life Insurance Company?

The Philippines’ Insurance Commission evaluates life insurance companies based on their performance in five key metrics. Understanding these criteria will give you a clearer idea of how well a company can meet your life insurance needs:

1. Premium Income: Reflects the total revenue from premiums paid by policyholders. It’s a strong indicator of a company’s ability to grow its customer base and maintain trust. This metric is widely used globally when ranking life insurance companies.
2. New Business Annual Premium Equivalent (NBAPE): Measures the value of new policies written within a given year, indicating the company’s ability to attract new clients.
3. Net Income: Shows how profitable a company is, highlighting its financial health and stability.
4. Net Worth: The company’s total assets minus liabilities, serving as a key measure of the company’s financial foundation and long-term viability.
5. Total Assets: A reflection of a company’s overall financial strength, which supports its ability to pay claims and invest in the future.

While two other criteria, Invested Assets and Paid-Up Capital, are also reported by the Insurance Commission, we will focus on the five key metrics mentioned above when ranking life insurance companies.

Now, let’s look at how the top players stack up.

The Top 10 Life Insurance Companies in the Philippines for 2024

We rank the leading life insurance companies in the Philippines primarily by their premium income, as this serves as the overall indicator of industry performance. Based on the official data from the Insurance Commission, here are the top companies in the country:

1. Sun Life of Canada (Philippines), Inc.

• Premium Income: PHP 55.79 billion
• NBAPE: PHP 10.07 billion
• Net Income: PHP 8.80 billion
• Net Worth: PHP 49.48 billion
• Total Assets: PHP 306.33 billion

Sun Life remains the undisputed leader in the Philippine life insurance industry, a position it has consistently held for years. Established in 1895, it is the country’s oldest life insurance company, earning a solid reputation for providing financial security and building customer trust for over a century. Sun Life’s outstanding performance across all key metrics—particularly its industry-leading premium income—highlights its ability to attract new customers while retaining a loyal client base.

With a commitment to lifetime partnerships and customer service, as well as a diverse range of traditional and variable life insurance products, Sun Life continues to evolve to meet the changing needs of Filipinos. This makes it an excellent choice for both newcomers to life insurance and long-time policyholders seeking stability.

READ: Sun Fit and Well – A Comprehensive Health Insurance Plan

2. Pru Life Insurance Corp. of U.K.

• Premium Income: PHP 46.19 billion
• NBAPE: PHP 10.54 billion
• Net Income: PHP 4.36 billion
• Net Worth: PHP 4.33 billion
• Total Assets: PHP 141.17 billion

Pru Life UK ranks second, trailing Sun Life in premium income. Established in the Philippines in 1996 as part of British financial giant Prudential plc, Pru Life UK has steadily grown its presence, becoming one of the country’s top life insurers. Known for its expertise in investment-linked insurance products, the company appeals to clients seeking both protection and opportunities to grow their wealth.

This year, Pru Life UK performed exceptionally well in attracting new policyholders, as evidenced by its top-ranked NBAPE.

3. Allianz PNB Life Insurance, Inc.

• Premium Income: PHP 26.11 billion
• NBAPE: PHP 3.30 billion
• Net Income: PHP 609.30 million
• Net Worth: PHP 2.96 billion
• Total Assets: PHP 114.71 billion

Allianz PNB Life leverages its strategic partnership with the Philippine National Bank (PNB) to establish a strong foothold in the local market. Founded in 2011 as a joint venture between Allianz Group and PNB, the company has quickly become a prominent player in the industry. 

As one of the top performers this year, Allianz PNB Life’s premium income reflects steady growth, and its net income has also seen significant increases.

4. FWD Life Insurance Corp.

• Premium Income: PHP 24.26 billion
• NBAPE: PHP 4.60 billion
• Net Income: PHP 1.22 billion
• Net Worth: PHP 6.01 billion
• Total Assets: PHP 63.55 billion

Despite being a relatively new player, FWD Life has made a significant impact on the Philippine market in a short period. Established in 2013, FWD Life is part of FWD Group, which aims to change the way people feel about insurance. Its focus on digital innovation and user-friendly products has successfully attracted a growing customer base. 

FWD’s impressive performance this year in all key metrics demonstrates its ability to compete with more established players by providing a fresh and modern approach to life insurance.

5. Philippine AXA Life Insurance Corp.

• Premium Income: PHP 21.76 billion
• NBAPE: PHP 3.12 billion
• Net Income: PHP 2.73 billion
• Net Worth: PHP 11.23 billion
• Total Assets: PHP 166.12 billion

AXA Philippines continues to be a dominant force in the industry, known for offering a wide range of insurance and investment solutions. Established in 1999 as a subsidiary of the AXA Group, the company has rapidly grown to become one of the leading insurers in the Philippines. 

This year, AXA maintained its strong market presence, achieving notable results in both premium income and total assets. The company’s global brand recognition and innovative product offerings have earned it the trust of Filipinos seeking both protection and financial growth opportunities.

6. BDO Life Assurance Company, Inc.

• Premium Income: PHP 18.26 billion
• NBAPE: PHP 4.11 billion
• Net Income: PHP 3.68 billion
• Net Worth: PHP 20.20 billion
• Total Assets: PHP 116.49 billion

As the insurance arm of one of the largest banks in the Philippines, BDO Life continues to benefit from its vast customer base. Established in 2002, BDO Life has rapidly positioned itself as a significant player in the insurance market. 

It showcased strong financial performance this year, particularly in net income and net worth. BDO Life’s strategic positioning within the banking network allows it to offer comprehensive financial solutions.

7. Insular Life Assurance Company, Ltd.

• Premium Income: PHP 15.57 billion
• NBAPE: PHP 3.72 billion
• Net Income: PHP 2.45 billion
• Net Worth: PHP 46.34 billion
• Total Assets: PHP 150.49 billion

Insular Life, or InLife, is the first and only Filipino-owned company among the top 10 life insurers in the Philippines, boasting a proud legacy of serving Filipinos since its establishment in 1910. This year, Insular Life has demonstrated consistent growth across all key metrics, maintaining its relevance in a highly competitive industry and advancing to a higher position within the top 10.

8. Manulife Insurance Company Philippines

• Premium Income: PHP 15.54 billion
• NBAPE: PHP 2.62 billion
• Net Income: PHP 1.90 billion
• Net Worth: PHP 15.43 billion
• Total Assets: PHP 122.54 billion

Manufacturers Life Insurance Company (Phils.), Inc., commonly known as Manulife, has been a reliable presence in the Philippine insurance industry since its establishment in 1907. Over the years, Manulife has consistently delivered great results and has adapted to the evolving needs of the market. This year, the company’s steady net worth has further strengthened its reputation.

9. BPI-AIA Life Assurance Corp.

• Premium Income: PHP 15.03 billion
• NBAPE: PHP 3.80 billion
• Net Income: PHP 2.40 billion
• Net Worth: PHP 9.31 billion
• Total Assets: PHP 112.59 billion

BPI-AIA, originally known as Ayala Life Assurance Incorporated and established in 1933, has emerged as a leader in the bancassurance sector in the Philippines. The collaboration between the Bank of the Philippine Islands (BPI) and American International Assurance (AIA) has created a strong synergy, providing clients with access to local banking expertise combined with global insurance experience. This year, BPI-AIA has demonstrated impressive performance and successfully retained its position among the top 10 life insurers.

10. Sun Life Grepa Financial, Inc.

• Premium Income: PHP 13.48 billion
• NBAPE: PHP 1.82 billion
• Net Income: PHP 1.05 billion
• Net Worth: PHP 6.96 billion
• Total Assets: PHP 61.13 billion

Sun Life Grepa, established in 2011 as a joint venture between Sun Life and the Yuchengco Group, builds on the legacy of Grepalife, which has been providing insurance solutions in the Philippines since 1954.

This year, Sun Life Grepa has shown significant growth, with both its premium income and net worth reflecting the positive impact of its strategic approach. Notably, it has secured a coveted position among the top 10 life insurers, showcasing its strength as an emerging player in the industry.

Ranking of Top Life Insurance Companies by Category

Evaluating life insurance companies involves analyzing their performance across various categories, each reflecting a vital aspect of their financial health and service capability. By examining these key metrics, we can gain a clearer understanding of how companies excel in attracting clients, generating revenue, and ensuring stability.

In this section, we will explore the top 10 life insurance companies for 2024, ranked by Premium Income, New Business Annual Premium Equivalent (NBAPE), Net Income, Net Worth, and Total Assets. These rankings provide a comprehensive comparison of the industry’s leaders.

Premium Income: Revenue Generated From Policyholders

Premium income is an important indicator of a life insurance company’s ability to generate revenue from its customers. The higher the premium income, the more people trust the company to protect their financial future.

This year, Sun Life remains the top player, demonstrating its dominance and trust among Filipinos. This category shows which companies are at the forefront of the industry in terms of financial strength and customer confidence.

New Business Annual Premium Equivalent (NBAPE): Growing the Customer Base

NBAPE measures a company’s success in attracting new customers and writing new policies. A strong NBAPE ranking indicates that a company is growing and appealing to new clients.

Pru Life has successfully regained its position as the front-runner in new business premiums, narrowly surpassing Sun Life by just PHP 500 million. This achievement has sparked a competitive battle between the two insurance giants. Sun Life ranked second, slightly trailing Pru Life in NBAPE.

Net Income: Assessing Profitability and Financial Health

Net income represents the profitability of a life insurance company. It indicates how well the company manages its costs while maintaining quality services and financial security. Companies with higher net income are typically more financially stable, which is crucial for long-term sustainability.

Sun Life, with its solid net income figures, retains the top position this year, demonstrating its ability to remain profitable while efficiently serving its clients. Pru Life follows closely in second place, achieving six times their previous income. This impressive growth indicates strong profitability, which is a positive sign for insurance buyers.

Net Worth: Measuring Long-Term Financial Stability

A company’s net worth reflects its ability to meet future obligations. A higher net worth is an assurance that the company has enough assets to cover its liabilities. This is critical for life insurance companies because they must be financially sound to pay out claims decades into the future.

AIA retains its top position in the net worth category, demonstrating a robust financial strength with assets that surpass its liabilities. Sun Life, Insular Life, and BDO Life closely follow behind.

Total Assets: Demonstrating Overall Financial Strength

Total assets show the overall financial strength of a life insurance company. The larger the assets, the better equipped the company is to handle future claims, invest in new opportunities, and support long-term growth.

Sun Life, leading in total assets for the third consecutive year, demonstrates its strong financial position and commitment to serving clients for generations to come. AIA ranks second, followed by AXA in third.

How to Choose the Right Life Insurance Company for You

Now that you have an overview of the top players in the industry, how do you choose the right life insurance company for your needs? Here are some factors to consider:

• Financial Stability: Look for a company with strong financial performance, as this indicates its ability to fulfill its obligations to policyholders. You can base this assessment on the five key metrics discussed in this blog.
• Reputation: Research customer reviews, stories, and ratings to gauge the company’s reputation. What makes it trustworthy in the eyes of its clients? How does it perform when it comes to processing claims?
• Product Offerings: Consider your specific needs and find a company that offers products aligned with your financial goals. Each company provides a variety of traditional and variable life insurance options. It’s also a good idea to consult with advisors from different companies to compare products and find the best fit for you.
• Customer Service: A company with excellent customer service can provide support throughout the duration of your policy. Both physical client service centers and digital channels must be available for your convenience whenever you need assistance.
• Advisor Support: A licensed financial advisor can help you review your options and ensure you select the best policy. They will also assist you with claims and inquiries throughout your lifetime, so it’s important to choose your advisor carefully at the start of the process.

While all life insurance companies aim to provide protection, it’s wise to choose industry leaders—those that have stood the test of time, such as Sun Life. As the oldest and largest life insurance company in the Philippines, Sun Life combines a deep understanding of Filipino families’ needs with a forward-thinking approach to financial security.

READ: Sun Smarter Life Elite – Guaranteed Money For Life

Additionally, working with a trusted financial advisor is crucial. Choose someone who can guide you on your financial journey, is easily reachable for inquiries and emergencies, someone you and your loved ones can trust, and who will provide ongoing support throughout the duration of your policy.

Your Next Step: Get Insured

At the end of the day, choosing the right life insurance company is just one part of the equation. Selecting the right financial advisor is equally important. As your trusted Licensed Financial Advisor at Sun Life, I, Merald Ayson, am here to guide you every step of the way.

Here’s how easy it is to get started:

Frequently Asked Questions (FAQ)