The best life insurance in the Philippines can be determined by its financial reports. This means that a company is trusted, stable, and has enough assets to keep its promise of security.
Stability is one of the top criteria to look for in a life insurance company. After all, you are searching for a company that will be there to help you and your family if something bad happens – and it could be years or decades from now.
So, you want a company with a stable history and hopefully a stable financial future that will have the money to pay out a large sum of money if you pass on or if your projected risks become real.
One way to look at its financial security is its assets, income, new business (getting aggressive), networth, and netcome.
The top insurance companies in the Philippines are ranked by the Insurance Commission based on sex essential life insurance statistics released by the government through the Insurance Commission every year:
- Assets – All the available properties of every kind or possession of a Life Insurance Company that might be used to pay its debts;
- Invested Assets – this means that a company has more exposure to capital appreciation and the ability to give you better returns;
- Premium income – Revenue generated by a Life Insurance Company from the total premium it charges on its policies;
- Networth – Total assets minus total liabilities of a Life Insurance Company;
- Net Income – Total revenues minus total expenses of a Life Insurance Company;
- New Business Annual Premium Equivalent (NBAPE) – Revenue generated from new business or new policy contracts in a given year. This shows the capability of a company to attract new market each year.
- Paid-up Capital – Amount of money that is actually received from shareholders in exchange for shares of stocks (Note: I do not include this as a factor to rate the companies because paid-up capital is only issued upon incorporation or new issuances of stocks to raise capital. This is not indicative nor determinative of the current performance of policy holders, but only the willingness to public-list, venture or to expand).
Best Life Insurance in the Philippines by Average (Overall)
To get the top 15, the method we used in this article is to rank the top life insurance companies each year and get the weighted average of the rankings for the last five years.
Those that made it to the top 5 as of the year 2022 are:
- Sun Life of Canada
- AIA Philippines
- Axa Life
- Insular Life
Below is the live spreadsheet containing the overall rankings, and that of each year. Each tab contains the details for each year, as well as the links to the government’s rankings.
Best Life Insurance in the Philippines for Each Year (Insurance Commission Report)
Life Insurance Company with the Most Gold
However, if we use the Olympic system or the company with the most gold in the last 6 years, the following are the top three:
- AIA Philippines/BPI-Philam (15 golds)
- Sun Life (14 golds)
- PRU Life (2 golds)