🧾 Top 10 Life Insurance Companies (Premium Income, Assets, NBAPE)
According to the Insurance Commission and BusinessWorld (March 2025), the leading life insurers based on premium income in 2024 are:
- Sun Life of Canada (Philippines), Inc. – PHP 57.16 billion in premium income; #1 in net income, total assets, and invested assets Insurance Business America+13BusinessWorld Online+13Moneymax+13
- Pru Life Insurance Corporation of U.K. – PHP 48.15 billion Reddit+10BusinessWorld Online+10Moneymax+10
- FWD Life Insurance Philippines – PHP 39.85 billion Reddit+7BusinessWorld Online+7Announcement Philippines+7
- Allianz PNB Life Insurance Inc. – PHP 32.13 billion Reddit+15BusinessWorld Online+15Insurance Master+15
- AXA Philippines Life & General Insurance Corp. – PHP 26.55 billion Reddit+13BusinessWorld Online+13Nyongesa Sande+13
- BDO Life Assurance Co., Inc. – PHP 19.69 billion Central Alive+3BusinessWorld Online+3Moneymax+3
- The Insular Life Assurance Co., Ltd. (Insular Life/InLife) – PHP 18.46 billion Pesolab+6BusinessWorld Online+6Wikipedia+6
- BPI‑AIA Life Assurance Corporation – PHP 17.7 billion Pesolab+7BusinessWorld Online+7Central Alive+7
- Manulife Philippines – PHP 15.83 billion Pesolab+4BusinessWorld Online+4Central Alive+4
- Sun Life Grepa Financial, Inc. – PHP 14.49 billion Wikipedia+3BusinessWorld Online+3Moneymax+3
Additionally, based on NBAPE (new business annual premium equivalent) for 2023:
- Pru Life UK led with PHP 10.54 billion
- Sun Life Philippines followed with PHP 10.07 billion
- FWD Life Philippines came third with PHP 4.59 billion Central Alive+11Insurance Business America+11Pesolab+11BusinessWorld Online+3Pesolab+3Moneymax+3
🚙 Top Non‑Life (General / Car) Insurance Companies
Based on net premiums written, net worth, and assets (as of December 31, 2023) from BusinessWorld and MoneyMax:
- Pioneer Insurance & Surety Corporation – PHP 6.28 billion premiums; highest net worth in non-life sector Moneymax+3BusinessWorld Online+3Moneymax+3
- Malayan Insurance Co., Inc. – PHP 5.36 billion NPW; second highest net worth BusinessWorld Online
- Prudential Guarantee & Assurance, Inc. – PHP 4.29 billion BusinessWorld Online+1Moneymax+1
- Stronghold Insurance Co., Inc. – PHP 4.11 billion BusinessWorld Online+1Moneymax+1
- BPI/MS Insurance Corp. – PHP 3.15 billion BusinessWorld Online+1Moneymax+1
- Standard Insurance Company, Inc. – PHP 3.08 billion BusinessWorld Online+1Moneymax+1
- Pacific Cross Insurance, Inc. – PHP 2.81 billion BusinessWorld Online
- Mercantile Insurance Co., Inc. – PHP 2.62 billion BusinessWorld Online
- AXA Philippines (non‑life unit) – PHP 2.14 billion BusinessWorld Online+1Distrilist+1
- Paramount Life & General Insurance Corp. – PHP 2.02 billion BusinessWorld Online
🧠Community & Industry Observations
- FWD Life Philippines recently rose to rank #1 in terms of NBAPE in Q1 2025, reporting a 57% increase compared to Q1 2024 Insurance Asia
- On Reddit, users note that more established brands like AIA (Philam Life), Sun Life, AXA, Pru, and FWD are considered safer and more reliable, especially by asset backing and claims services RichestPH+4Reddit+4Reddit+4
📋 Summary Table
| Rank | Life Insurance (2024) | General/Non‑Life Insurance (2023) |
|---|---|---|
| 1 | Sun Life Philippines | Pioneer Insurance & Surety Corp. |
| 2 | Pru Life UK | Malayan Insurance Co. |
| 3 | FWD Life Philippines | Prudential Guarantee & Assurance, Inc. |
| 4 | Allianz PNB Life | Stronghold Insurance Co. |
| 5 | AXA Philippines Life | BPI/MS Insurance Corp. |
| 6 | BDO Life | Standard Insurance Co. |
| 7 | Insular Life | Pacific Cross Insurance |
| 8 | BPI‑AIA Life | Mercantile Insurance Co. |
| 9 | Manulife Philippines | AXA Philippines (non‑life) |
| 10 | Sun Life Grepa Financial | Paramount Life & General |
✅ Final Thoughts
- For life insurance, Sun Life, Pru Life UK, and FWD Life Philippines consistently emerge as leaders in premium income, assets, and new business growth.
- For non-life or general insurance, Pioneer, Malayan, and Prudential Guarantee dominate based on premiums and financial strength.
- If you’re looking for digital-savvy service and innovation, consider FWD Philippines, which achieved top life insurer status in early 2025 with strong growth Wikipedia+13