Based on net premiums
The Prudential Guarantee and Assurance, Inc. (PGAI) remained the top non-life insurance company in terms of net premiums last year.
Based on the 2020 rankings released by Insurance Commission, PGAI registered the highest net premiums among non-life insurers at P4.55 billion, effectively maintaining its top spot position for four consecutive years based on companies’ quarterly reports on selected financial statistics submitted to IC at the end of December last year.
Second on the list was Malayan Insurance Co., Inc. with P4.08 billion, followed by Pacific Cross Insurance, Inc. with P3.32 billion and Pioneer Insurance & Surety Corp. with P2.97 billion.
Occupying the fifth and sixth spots were BPI/MS Insurance Corp. with P2.82 billion, and Charter Ping An Insurance Corp. with P2.64 billion, respectively.
Seventh was Mercantile Insurance Co., Inc. with P2.04 billion, while Commonwealth Insurance Co. secured the eighth spot with its P1.79 billion in net premiums.
Completing the top list in terms of NPW were FPG Insurance Co., Inc. in ninth place with P1.69 billion, and Standard Insurance Co., Inc. in tenth place, with P1.51 billion.
“Net premiums written are obtained by subtracting a non-life insurance company’s reinsurance cessation from gross premiums written. It represents how much of the premiums non-life insurers get for assuming risks,” IC Commissioner Dennis B. Funa said as he announced PGAI’s latest ranking.
Unlike gross premiums written, NPW already takes into account the effect of ceded reinsurance. It indicates an insurance company’s underwriting process and quality of risk selection, thereby retaining more risks and bigger premiums. PGAI also led non-life insurance companies in net premiums for five consecutive years, from 2011 to 2015.