The Insurance Commission reported that Insular Life (InLife), Sun Life of Canada (Philippines), Inc. and Prudential Guarantee and Assurance, Inc. (PGAI) were among the top insurers in the country.

In 2022, Sun Life kept its dominance in the Philippine life insurance industry by ranking No. 1 in both the total premium income and new business categories.

On the other hand, InLife retained its position among the country’s top five life insurers in terms of net worth, net Income and assets.

Meanwhile, PGAI dominated the non-life insurance sector with largest net premiums written (NPW) in 2022.

Sun Life landed on the top spot in terms of total premium income, with earnings reaching more than 52.6 billion in 2022. The top position for this category has been held by the company for 12 straight years.

In parallel results, Sun Life also led in the new business category by generating more than P9.7 billion worth of new business.

“More than anything, being No. 1 reflects the confidence of our clients who have chosen Sun Life to be their partner in securing their future. We thank them for the privilege,” said Sun Life President Alex Narciso. “Rest assured that we will continue to strive to be worthy of their trust.”

InLife, meanwhile, maintained its industry ranking as number two in net worth with P49.39 billion, number three in net Income with P3.96 billion, and number four in assets with P144.59 billion.

“InLife’s firm position in terms of net worth, net income and assets indicates our financial stability and our capability to deliver our obligations to our policyholders,” said InLife President and CEO Raoul Antonio E. Littaua.

Lastly, non-life insurer PGAI garnered P5.73 billion in NPW last year, followed by Malayan Insurance Co., Inc. with P4.5 billion, Pioneer Insurance & Surety Corp. with P3.47 billion, BPI/MS Insurance Corp. with P2.51 billion, and Mercantile Insurance Co., Inc. with P2.5 billion.

NPW takes into account the effect of ceded reinsurance. It indicates an insurance company’s underwriting process and quality of risk selection.

The insurer retains more risks and bigger premiums, factors indicating a company’s financial strength and stability.

The total NPW of non-life insurance companies amounted to P56.17 billion last year, rising nearly 10 percent from P51.19 billion in 2021.