Last year, it was reported that 52% out of 104.9 million Filipinos have life insurance coverage. And it’s nice to know that more of our fellow Filipinos are starting to see the importance of Life Insurance than ever before.
And as more Filipinos, especially millennials, become financially wise, the usual question we get is that which is the best life insurance company in the country to get life insurance?
The Philippine Insurance Commission under the Department of Finance has announced this year’s top 10 insurance companies in the Philippines.
1 – Sun Life of Canada (Philippines)
Sun Life of Canada (Philippines) was officially founded in 1895, making it the first and oldest life insurance company in the country. The company offers a wide range of financial services, including insurance, wealth, and asset management.
This is the 8th consecutive year that Sun Life has made it to the top spot. Its ability to fulfill its promise to its clients has made Sun Life the preferred life insurance company by most Filipinos. True to its cause, the company has paid Php 4 billion claims and maturities in 2018 alone.
2 – Philippine AXA Life Insurance Corp.
Axa Philippines was established in 1999 in the Philippines but has become a major player in the insurance industry. Their financial products range from educational, investments, income protection, and many more.
This insurance company is a bancassurance business, which is a joint venture by Axa Group and MetroBank.
3 – Philippine American Life & Gen. Insurance Co.
The Philippine American Life and General Insurance Company was founded in 1947, with its main office located in Taguig. This insurance company specializes in life insurance and investment products, including protection, savings, education, health and accident, and investment plans.
4 – Pru Life Insurance Corp of U.K.
Pru Life Insurance Corporation started in the Philippines in the year 1996 and has been in the life insurance industry for 23 years. The company offers a wide range of retail financial products and services, as well as asset management services.
But aside from life insurance, the company also offers health and protection services. They have also partnered with a long list of banking institutions in the country.
5 – BPI Philam Life Assurance Corp. Inc.
BPI Philam Life was used to be known as Ayala Life Assurance Incorporated. And now, it operates as a subsidiary of the Philippine American Life and General Insurance Company, Inc. It is currently the country’s top bancassurance in the list thanks to the strong strategic alliance between BPI and Philam Life.
This insurance corporation currently caters to different financial assistance needs, including savings, retirement, educational fund, personal accident, income protection, and motor insurance.
6 – Manulife Insurance Company
The Manufacturers Life Insurance Company, or more popularly known as Manulife, was established in the country in 1907. This makes it one of the oldest insurance companies in the Philippines.
The company is currently operating under Manulife Financial Asia Limited. They specialize in pension, investment, education, medical, employee security, credit life, student personal accident, and other insurance plans.
7 – Insular Life Assurance Company
Insular Life was founded in the Philippines in 1910 and is the first Filipino owned life insurance company. They offer savings plans for retirement, education, accident, health, disability, and payer’s protection as well as investment plans.
The company is also known for its strong connections with countries health facilities, which include more than 2,000 hospitals, dental clinics, and outpatient facilities.
8 – BDO Life Assurance Co. Inc. (Generali Pilipinas Life)
BDO Life Assurance Co. Inc. was originally called Generali Pilipinas Life Insurance Company. It was acquired by the BDO Unibank in 2016 and is currently operating as its subsidiary.
The company offers a wide array of financial and investment services, including insurance, education, health, and more.
9 – Allianz PNB Life Insurance, Inc.
Allianz PNB Life Insurance Inc. was founded in 2001 and is currently operating as a subsidiary of the Alliance SE. Similar to BDO Life and BPI Philam Life, Allianz PNB Life Insurance is a bancassurance business by Alliance SE and the Philippine National Bank.
10 – Manulife China Life Assurance Corp.
Manulife China Life Assurance Corp. was used to be known as the Prumerica Life Insurance Company Inc., which was founded in 1998. It was then acquired by Manulife China Bank Life Assurance Corporation.
As of today, the company offers financial services to Chinabank customers.
This list was provided by the Insurance Commission of the Philippines last May 2019.