Prudential Guarantee & Assurance, Inc. (PGA) remained as the top non-life insurer in 2019 in terms of net premiums written, according to the Insurance Commission (IC).
In a press release on Thursday, Insurance Commissioner Dennis B. Funa said Prudential’s net premiums written hit P5.03 billion last year, the highest among all non-life firms, followed by Pacific Cross Insurance, Inc. (Blue Cross Insurance, Inc.) with P4.88 billion.
IC ranked non-life insurance companies based on their 2019 unaudited quarterly financial statistics submitted to the regulator.
It said Malayan Insurance Co., Inc. claimed the third spot with net premiums of P3.98 billion, followed by Charter Ping An Insurance Corp.’s P3.61 billion and Pioneer Insurance & Surety Corp.’s P3.58 billion.
Mr. Funa said non-life firms’ net premiums written are their gross premiums written less reinsurance cessation.
“It represents how much of the premiums non-life insurers get for assuming risks,” the IC chief was quoted as saying.
In terms of gross premiums recorded, Malayan recorded the highest with P12.25 billion, followed by PGA with P10.11 billion, Pioneer Insurance & Surety Corp. with 10.08 billion, BPI/MS Insurance Corp. with P6.12 billion and Charter Ping An with P5.44 billion.
“Gross premiums written are computed by taking the sum of an insurance company’s premiums from direct business and assumed premiums before the effect of ceded reinsurance,” Mr. Funa said.
Meanwhile, Pioneer Insurance led the sector in terms of net worth with P16.60 billion last year, followed by Malayan Insurance with P4.7 billion, BPI/MS Insurance with P3.56 billion, Philippines First Insurance Co., Inc. with P2.91 billion and Standard Insurance Co., Inc. with P2.68 billion.
According to Mr. Funa, the combined net worths of the top ten non-life insurers totalled P91.21 billion, accounting for nearly half or 44% of the industry’s overall net worth last year.
Based on assets, Pioneer Insurance claimed the top spot with P35.24 billion in 2019, switching places with Malayan Insurance which logged assets worth P28.31 billion.
PGA ranked third with P17 billion, followed by BPI/MS Insurance with P14.03 billion and Charter Ping An Insurance with P12.7 billion.
The whole non-life sector booked net premiums written of P58.82 billion last year, up 15.71% from P50.83 billion in 2018.
The sector’s total assets also climbed 10.26% year on year to P259.58 billion.
Meanwhile, the entire insurance industry’s premium income rose 5% in 2019 to P304.639 billion. — B.M. Laforga