PRUDENTIAL Guarantee & Assurance, Inc. (PGA) was named the top non-life insurer in 2017 based on premium income after writing P4.81-billion worth of net premiums, moving up from second place in 2016, the Insurance Commission (IC) said.
The IC released over the weekend the list of top non-life insurers in 2017 on the basis of net premiums, assets, net worth and net income, based on audited annual statements submitted by the firms.
PGA was followed by Charter Ping An, which jumped three places from the fifth rank in 2016, with P4.08-billion in net premiums. Malayan Insurance Company, Inc. slid from the top spot in the previous year and ranked third with P4.07 billion in net premiums in 2017.
BPI/MS Insurance Corp. went down a spot to take the fourth rank with P2.96 billion net premiums written, and FPG Insurance Co., Inc. stayed at the fifth rank in 2017 with a P2.51-billion premium income.
An insurer’s net premium income is premiums written on direct business plus assumed premiums and less cessions and retrocessions.
Meanwhile, Malayan Insurance took the top spot in terms of assets with P38.81 billion in 2017, climbing from second place in 2016. Pioneer Insurance & Surety Corp. which ranked first in terms of assets the previous year, placed second with P25.43 billion in total assets.
BPI/MS Insurance ranked third with P12.59 billion worth of assets, swapping places from 2016 with PGA, which had total assets worth P12.57 billion this year.
Charter Ping An stayed at fifth place with P10.53 billion in assets.
“The combined assets of top five non-life insurance companies account for 48.72% of the total assets of the non-life insurance industry last year,” the IC said.
In terms of net worth, Pioneer and Malayan Insurance kept the first and second rank, respectively, with P13.95 billion and P6.90 billion in 2017.
Philippines’ First Insurance Co., Inc. followed with a P2.30-billion net worth, up from fourth place in 2016.
BPI/MS had a net worth of P2.08 billion in 2017 and came at fourth place, one rank higher from 2016. AIG Philippines Insurance Co. stayed at fifth place with a P1.79-billion net worth.
Ranked based on 2017 net income, BPI/MS Insurance climbed to get the top rank with P427.50 million after placing second in 2016. PGA ranked second with P259.78 million in 2017, up from the fourth rank in the previous year. The Insurance Company of North America jumped to the third place in 2017 from 40th in 2016 as it booked a P212.13-million net income.
Card Pioneer Microinsurance, Inc., a microinsurance company, took the fourth spot with a P210.34-million net income, up three notches from seventh place in 2016. Chater Ping An also jumped to the fifth spot with P185.90 million, from 60th place in 2016. — Elijah Joseph C. Tubayan