Philam Life premium income up 19% to P13.4 billion

MANILA, Philippines - The Philippine American Life and General Insurance Co. (Philam Life) has reported an unaudited total premium income of P13.357 billion in 2011, up 19.25 percent from P11.2 billion in 2010. In 2009, the company’s total premium income was placed at P10.8 billion.

Thus for the first time, Philam Life has slipped from top spot to second behind Sun Life Financial (Philippines) Inc., which reported a total premium income of P14 billion in 2011.

For the longest time, Philam Life has dominated the life insurance segment of the industry composed of four composite insurers, and 31 life insurers. Philam Life is a composite insurance license holder.

It also marks the first time that Sun Life took the top spot.

But combining Philam Life with its joint venture bancassurance subsidiary, BPI Philam, the group still retains top spot overall.

BPI Philam is a joint venture bancassurance company between the Bank of the Philippine Islands (BPI) and Philam Life. Last year, the bancassurance arm report total premium income of P6.4 billion.

While Sun Grepa, the joint venture bancassurance company between the Rizal Commercial and Banking Corp. (RCBC) and Sun Life Financial, reported total premium income of P3 billion in 2011.

Thus the combined premium income of the Philam Life Group stood at roughly P19.7 billion, while the combined premium income of the Sun Life Group would be P17 billion.

Meanwhile, Prulife of UK (Philippines) Inc. and AXA Philippines Inc. (AXA) cling the third and fourth spot, respectively. Prulife UK reported total premium income of P10.3 billion while AXA recorded a premium income of P10 billion.

Insular Life Assurance Corp. (Insular Life) and the Manufacturers Life Assurance Corp. (Manulife) likewise finished 2011 separated by just a little over P400 million in premiums.

Insular Life reported a premium income of P7.5 billion while Manulife stated their income at P7.1 billion.