SUN LIFE of Canada (Philippines), Inc. led the industry in premium income for 2020, the Insurance Commission (IC) said in its assessment of the firms’ annual statements.

The commission said that Sun Life reached P39.23 billion in premium income that year, followed by Philippine AXA Life Insurance Corp., which posted P31.25 billion and Pru Life Insurance Corp. with P30.98 billion.

In the new business annual premium segment, Pru Life led with P7.95 billion, while Sun Life closed in with P7.8 billion.

“A life insurer’s (new business annual premium equivalent) is computed by obtaining the sum of the value of first year premiums from products newly sold in a specific year (or the initialized annualized premium) and 10% of single premiums written,” Insurance Commissioner Dennis B. Funa said in a press release on Monday.

“It is an international standard that this commission adopted to more accurately measure the life insurance industry’s sales performance,” he said.

Meanwhile, the Philippine American Life and General Insurance Co. (Philam Life) led in terms of total assets in 2020 with P293.19 billion.

Sun Life followed with P274.32 billion, while Philippine Axa Life’s total assets were at P141.57 billion.

In terms of net worth, Philam Life topped the list at P79.8 billion, while Sun Life recorded P31.05 billion and the Insular Life Assurance Co., Ltd. posted P27.74 billion.

Sun Life had the highest net income at P8.11 billion, followed by Philam Life with P4.78 billion. When it comes to invested assets, Philam Life was ranked first at P264.97 billion in 2020, while Sun Life recorded P261.02 billion and Pru Life saw P150.35 billion.

As of the second quarter of 2021, insurance premiums reached a total of P187.13 billion, up more than 37% from P136 billion a year earlier, the commission reported.

The industry has 135 licensed life and nonlife insurance companies as well as mutual benefit associations. — Jenina P. Ibañez