PRUDENTIAL Guarantee & Assurance Inc. (PGA) continued to top non-life insurance companies in terms of net premiums written in 2018, data from the Insurance Commission (IC) showed.
PGA maintained its top rank as it recorded a premium income of P5.18 billion last year, according to a list released by the IC on Tuesday that ranks non-life insurance companies based on net premiums, assets, net worth and net income, based on unaudited quarterly statistics ending Dec. 31 submitted by the firms.
Charter Ping An Insurance Corp. also remained at second place with net premiums of P3.90 billion, followed by Malayan Insurance Co., Inc. which stayed at the third spot with P3.77 billion.
Meanwhile, Pioneer Insurance & Surety Corp. took fourth place with a net premium income of P3.09 billion, overtaking last year’s fourth-ranked BPI/MS Insurance Corp., which ended the year at fifth place with P3.04 billion in net premium written.
An insurer’s net premium income is premiums written on direct business plus assumed premiums and less cessions and retrocessions.
Meanwhile, in terms of assets, Yuchengco-led Malayan Insurance retained the top spot with P34.28 billion. Pioneer Insurance also placed second again this year with assets worth P31 billion.
Ranking third this year was PGA with P14.41 billion in total assets, switching places from 2017’s list with BPI/MS Insurance, which held P12.8 billion worth of assets.
Charter Ping An stayed at fifth place this year with P11.4 billion.
According to the IC, the combined assets of the top five companies accounted for 44.13% of the total assets of the non-life insurance industry in 2018.
On the other hand, in terms of net worth, Pioneer Insurance kept the first rank with P15.39 billion. Malayan Insurance, despite a reported decline in net worth to P4.24 billion this year from P6.9 billion in 2017, also remained at second place.
BPI/MS Insurance climbed one place from its 2017 finish to land the third spot this year with P2.75 billion. At fourth place was Standard Insurance Co. with a net worth of P2.74 billion, while Philippines First Insurance Co., Inc. slid two places from its 2017 ranking to finish at fifth place this year with P2.45 billion.
Ranked based on 2018 net income, BPI/MS Insurance continued to dominate the industry with P453.83 million, while CARD Pioneer Microinsurance, Inc. climbed by two places to take the second spot with P395.15 million.
Pioneer Insurance was at third place with P346.75 million, while PGA slipped two places to rank fourth with a P264.88-million net income. Malayan Insurance was at fifth place with P195.27 million. — R.J.N. Ignacio