Sun Life is 2020's top Philippine life insurer

It netted a $175m net income and $811m premium income.

Sun Life Canada (Philippines) was the top life insurer in the Philippines in 2020 in terms of net income and premium income, according to statistics released by the country’s Insurance Commission (IC).

Sun Life netted a net income of $175m (PHP8.47b) and a premium income of $811m (PHP39.47b) as of year-end 2020. The Philippine American Life and General Insurance (Philam) placed second in terms of net income with $93.4m (PHP4.52b) and fourth in terms of premium income with $346m (PHP16.77b).

Philam was also the top Philippine life insurer in terms of net worth ($1.62b; PHP78.44b) and total assets ($6b; PHP291.22b).

For net income, the rest of the top 10 consisted of Manulife Philippines, Pru Life, Philippine Axa Life, Insular Life, BPI-Philam Life, Sun Life Grepa Financial, United Coconut Planters Life, and Manulife Chinabank Life in descending order.

For premium income, Philippine Axa Life was second with $645.9m (PHP31.27b) and Pru Life came in third place with $639.9m (PHP30.98b). Rounding up the top 10 were BPI-Philam at fifth, Manulife Philippines at sixth, Allianz PNB Life at seventh, BDO Life Assurance at eighth, FWD Life at ninth, and Insular Life at tenth.

Pru Life came out on top in terms of new business annual premiums with $164m (PHP7.95b), with Sun Life at second place with $161m (PHP7.8b). Philippine Axa Life ended up in third with $99.4m (PHP4.81b). The rest of the top ten were: FWD Life, BPI-Philam, Manulife, BDO Life, Allianz PNB Life, Philam, and United Coconut Planters Life.