Premium income of life insurers up 11.5%

Total premium income of the country’s life insurance industry grew 11.53 percent, or from P26.933 billion in 2000 to P30.039 billion last year based on unofficial estimates. The life industry forecasted premium growth between 15 to 16 percent.

In 1999, premium income of the life insurance industry was registered at P22.403 billion. In 1998, premiums reached P19.358 billion.

Thus in the past four years, the life industry’s premium income grew by an annual average rate of 15.82 percent.

As expected, perennial leader Philippine American Life and General Insurance Co. (Philamlife) remained on top with a premium income of P7.82 billion followed by consistent second-placer Sun Life of Canada (Philippines) Inc. with P5.84 billion.

The top 10 insurers in fact accounted for approximately P25.828 billion of the total premium income last year.

As of end December 2001, there were 42 licensed life insurance companies recognized by the Insurance Commission (IC).

Meanwhile, unconfirmed reports from the industry indicate that Sun Life of Canada had been unseated by Philippine Axa Life Insurance Corp. (PhilAxa Life) in second place in the first three months of 2002.

The top 10 life insurers after Philamlife and Sun Life of Canada are: Insular Life Assurance Co.; Manufacturers Life (Philippines) Insurance Co. or Manulife; PhilAxa Life; Ayala Life Assurance Inc. (Ayala Life); Great Pacific Life Assurance Corp. (Grepalife); United Coconut Planters Life Assurance Corp. (Unicocolife); Pru-Life Insurance Corp. of UK (Pru-Life); and Pruamerica Life Insurance Co. Inc. (Prumerica Life).

The 11th to 20th best performing life insurers in terms of premium income are: GMG Life Insurance Co. Inc. (CMG Life); Fortune Life Insurance Co. Inc. (Fortune Life); Manila Bankers Life Insurance Corp.; Pioneer Allianz Life Assurance Corp. (Pioneer Allianz); BF Life Insurance Corp. (BF Life); CAP Life; First Guarantee Life; Beneficial PNB Life Insurance Co. Inc. (Beneficial PNB Life); ATR Professional Life; and ING Life.

At the end of 2001, a total of 42 life insurance companies were operating. However, this was reduced to 38 this year after a number of mergers and acquisitions.

After acquiring Allstate Life Insurance Company of the Philippines (All State Life) last year, Pru Life acquired the operations of ING Life which had earlier acquired the Philippine life operations of Aetna Life.

The Metropolitan Life of the US (Metlife) decided to pack up its things and all its policies were acquired by Manulife Philippines. All Asia Life meanwhile is being acquired by ATR Professional Life.

The 21st to be 30th slot are occupied by the following: John Hancock Life Insurance Corp., All Asia Life, Country Bankers Life Insurance Corp., Nippon Life Insurance Company of the Philippines, Philippine Prudential Life Insurance Co., Berkley International Life Insurance Inc., PCIB Cigna Life Insurance Corp., National Life Insurance Company of the Philippines, Philippine International Life Insurance Co., and Generali Pilipinas Life Assurance Co. Inc.