Sun Life of Canada (Philippines), Inc. ranked first among life insurance companies in terms of new business annual premium equivalent (NBAPE), premium income and net income in 2019, the Insurance Commission (IC) said.
The IC said in a statement yesterday that this is based on unaudited quarterly reports on selected financial statistics submitted by life insurers.
Sun Life obtained a total NBAPE of P9.61 billion in 2019, the IC reported.
Pru Life Insurance Corp. of UK ranked second with a total NBAPE of P7.67 billion, followed by the Philippine Axa Life Insurance Corp. with a total NBAPE of P5.5 billion.
“A life insurer’s NBAPE is computed by obtaining the sum of the value of regular premiums from products newly sold in a specific year (or the initial annualized premium) and 10 percent of single premiums written. It is an international standard that the IC has adopted to more accurately measure the life insurance industry’s sales performance,” Dennis Funa, insurance commissioner, said.
In terms of premium income, Sun Life reportedly obtained a combined total premium income of P39.51 billion for both traditional and variable life.
Pru Life again, ranked second with a total premium income of P26.97 billion.
Placing third is Axa Life with aggregate premium income for the year 2019 amounting to ₱26.24 billion.
Meanwhile Sun Life’s net income amounted to P8.21 billion, again topping the list in that segment.
Taking the second spot is the Philippine American Life and General Insurance Co., with P7.67 billion, followed by Pru Life with P4.4 billion.