The Top 10 Life Insurance Companies in the Philippines The Most Updated and Most Unbiased Review
Although 2013 is over and we are almost halfway through 2014. The Insurance commission hasn’t yet released the 2013 ranking of the top insurance companies in the Philippines. They said, they will release it on August 2014. So, with that, we have to content ourselves with the 2012 rankings. In the case of the Philippine Stock Exchange (PSE), I will be giving the November 2013 ranking.
Since this is an unbiased review, I will not only highlight one category just to make one insurance company look good. I will be enumerating all the rankings in all categories from the Philippine Stock Exchange (PSE) and Insurance Commission (IC). That’s why this is an UNBIASED review.
First Category: Top 10 Companies in the Philippines, According to Market Capitalization by the Philippines Stock Exchange (PSE)
Investopedia defined Market Capitalization as – the total dollar (Peso) market value of all of a company’s outstanding shares. Market capitalization is calculated by multiplying a company’s shares outstanding by the current market price of one share. The investment community uses this figure to determine a company’s size, as opposed to sales or total asset figures.
Please note from the 10 companies in the Philippines stated below only 2 companies are from the life insurance industry. Manulife Financial Corporation as the top 1 with over 1.4 Trillion Pesos Market capital and Sun Life Financial Inc. in the top 2 with 844 B Pesos.
Second Category: Top Insurance Companies, According to Net worth by the Insurance Commission (IC)
Investopedia defined Networth as – The amount by which assets exceed liabilities. The company’s net worth is calculated by subtracting the liabilities from the assets.
The leading insurance company in this category is: Insular Life with 27B Net worth
Third Category: Top Insurance Companies According to Paid-Up Capital by the Insurance Commission (IC)
Investopedia defined Paid-Up Capital as - The amount of a company’s capital that has been funded by shareholders. Paid-up capital can be less than a company’s total capital because a company may not issue all of the shares that it has been authorized to sell. Paid-up capital can also reflect how a company depends on equity financing.
The leading insurance company in this category is: Generali Philippines with 1.5 B Paid-up capital
Fourth Category: Top Insurance Companies, According to Premium Income by the Insurance Commission (IC)
Investopedia defined Premium Income as – revenues that an insurer receives as premiums paid by its customers for insurance products. When a customer purchases an insurance product, such as a health insurance policy, the customers cost for a specified term of the policy is called the premium.
The leading insurance company in this category is: Sun Life of Canada with 20B Premium Income
Fifth Category: Top Insurance Companies, According to Assets by the Insurance Commission (IC)
Investopedia defined Assets as – anything of value that can be converted into cash. These could be Cash and cash equivalents, real properties or investments.
The leading insurance company in this category is: Philippines American Life (PhilAm) with 150B Assets
Although I represent a great insurance company, I dare say, all life insurance companies are very much the same. They are all stable, have a solid foundation and all are reliable. For me, the more important thing that you have to consider in selecting the right plan for you is choosing the right and reliable insurance agent/financial advisor that you can depend on. The right insurance agent for you will understand you and will guide you on the best possible plan that will suit your needs, wants and budget. Read“5 Insider tips on finding the right Insurance Agent/Financial Advisor for you.”