SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) and Pioneer Insurance and Surety Corp. were the top life and nonlife insurers in the country last year in premium income terms, data from the Insurance Commission (IC) showed.

Sun Life Philippines booked the highest premium income among life insurers in 2025 at P61.81 billion, while Pioneer Insurance recorded P6.903 billion in net premiums written (NPW) to top the nonlife sector, IC rankings based on firms’ submissions of unaudited enhanced quarterly reports on selected financial statistics showed.

Sun Life Philippines said in a statement that this marks its 15th year as the leader of the country’s life insurance industry.

It added that it was also the top performer in terms of net income, net worth, invested assets, and total assets.

LIFE INSURERS
Based on premium income, Pru Life Insurance Corp. of UK (Pru Life UK) ranked second among life insurers with P52.84 billion, followed by FWD Life Insurance Corp. (FWD Life Philippines) with P52.47 billion, Allianz PNB Life Insurance, Inc. with P37.66 billion, and AXA Philippines Life and General Insurance Corp. with P31.498 billion.

The Insular Life Assurance Co., Ltd., (Insular Life) was in sixth place with P24.56 billion, followed by BDO Life Assurance Co., Inc. with P22.78 billion, BPI-AIA Life Assurance Corp. with P20.12 billion, Sun Life Grepa Financial, Inc. with P18.59 billion, while Manulife Chinabank Life Assurance Corp. rounded out the top 10 with a premium income of P14.44 billion.

Meanwhile, in terms of net income, Sun Life Philippines also topped life insurers with P10.22 billion, followed by Pru Life UK at P7.103 billion, BPI-AIA Life at P5.698 billion, the life unit of AIA Philippines Life and General Insurance Co., Inc. at P5.67 billion, and BDO life at P5.04 billion.

For new business annual premium equivalent or NBAPE, Pru Life UK was the top life insurer with P10.05 billion, followed by Sun Life Philippines with P9.19 billion, FWD Life Philippines at P9.03 billion, BDO Life at P5.31 billion, and BPI-AIA Life with P4.96 billion.

Meanwhile, Sun Life Philippines had the highest net worth among life insurers last year at P60.12 billion, followed by AIA Philippines’ life unit at P57.87 billion, Insular Life at P42.046 billion, BDO Life with P30.459 billion, and BPI-AIA Life at P18.05 billion.

Sun Life Philippines was also the largest life insurer in terms of assets with P344.49 billion, followed by AIA Philippines’ life unit with P251.49 billion, AXA Philippines with P185.68 billion, Insular Life with P169.07 billion, and Allianz PNB Life with P168.459 billion.

The life insurance sector’s combined premium income grew by 14.54% to P403.21 billion in 2025 from P352.02 billion in the prior year, according to IC data based on submissions of 33 out of 34 licensed companies.

NONLIFE INSURERS
For nonlife insurers, in NPW terms, Prudential Guarantee and Assurance, Inc. (PGA) was in second place with P5.38 billion, followed by Malayan Insurance Co., Inc. with P5.309 billion, Stronghold Insurance Co., Inc. at P4.99 billion, while BPI/MS Insurance Corp. rounded out the top five with P3.92 billion.

Standard Insurance Co. Inc. was ranked sixth with P3.42 billion, followed by Pacific Cross Insurance, Inc. with P3.18 billion, The Mercantile Insurance Co., Inc. with P3.005 billion. The nonlife unit of AXA Philippines was at ninth place with P2.94 billion and Alpha Insurance & Surety Company, Inc. was tenth with P2.71 billion.

Based on net income, Pioneer Insurance also topped the list with P697.41 million. This was followed by Petrogen Insurance Corp. with P677.02 million, Standard Insurance with P652.72 million, Insurance Company of North America with P589.8 million, and BPI/MS Insurance with P528.39 million.

Pioneer Insurance likewise had the highest net worth in the nonlife industry in 2025 at P19.365 billion, followed by Malayan Insurance at P7.696 billion, Standard Insurance at P5.695 billion, Petrogen Insurance with P4.596 billion, and Stronghold Insurance with P4.099 billion.

In asset terms, Pioneer Insurance was the largest nonlife insurer with P57.91 billion. Malayan Insurance was in second place with P33.52 billion, followed by PGA with P24.89 billion, BPI/MS Insurance with P18.84 billion, and Standard Insurance with P12.64 billion.

The combined net premiums written of nonlife insurers grew by 14.6% year on year to P82.49 billion in 2025, according to IC data based on submissions of 57 out of 59 licensed companies. — BVR

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