Sun Life Philippines is still as the top life insurer in the Philippines based on total premiums, establishing itself as the market leader for the 14th year in a row, the company said in a statement on Monday.
Based on a report by the Insurance Commission (IC), Sun Life’s total earned premiums amounted to P57.15 billion, surpassing the nearest competitor by around P9 billion.
The company also ranked first in net income, invested assets and total assets.
“To be the number one life insurance company is a tremendous honor for Sun Life, more so as we celebrate our 130th anniversary of serving the Filipino nation,” Benedict Sison, chief executive officer and country head of Sun Life Philippines, said in the statement.
“This remarkable achievement is a testament to the trust and support of our clients. It also reflects the hard work and dedication of Sun Life employees and advisors, and their relentless pursuit of excellence in serving our clients,” he added.
According to documents posted on the IC’s website, in terms of premium income, the second top life insurer in 2024 is Pru Life Insurance Corp. of UK (P48.15 billion), while FWD Life Insurance Corp. (P39.85 billion), Allianz PNB Life Insurance Corp. (P32.13 billion) and AXA Philippines Life and General Insurance Corp. (P26.55 billion) round out the top five.
Meanwhile, as earlier mentioned, Sun Life topped the following categories for life insurance companies in 2024: net income (P10.98 billion), assets (P328.79 billion) and invested assets (P319.86 billion).
For the net income category, BPI-AIA Life Assurance Corp. came in second last year with P4.81 billion, followed by BDO Life Assurance Company Inc. with P4.26 billion, Pru Life with P3.72 billion and AIA Philippines with P3.53 billion.
As for assets in 2024, AIA Philippines ranked second to Sun Life with P256.35 billion. AXA Philippines, Insular Life Assurance Company and Pru Life came in third, fourth and fifth, with P174.49 billion, P155.92 billion and P148.49 billion, respectively.
In terms of invested assets, AIA Philippines ranked second highest (P223.22 billion), followed by Pru Life (P182.77 billion), AXA Philippines (P170.37 billion) and Insular Life (P152.86 billion).
