Which life insurance providers should potential policyholders turn to first as more Filipinos become financially savvy in this dynamic economic environment?
Let’s now look at the top insurance firms in the Philippines that provide these products, given that we know what life insurance is and its wide varieties.
Listed below are the top 10 life insurance companies in the Philippines
· Sun Life of Canada (Philippines)
A subsidiary of Sun Life of Canada (Netherlands), Sun Life of Canada (Philippines), Inc. was established in 1895 and provides various financial services, including asset management, wealth management, and insurance.
These include insurance products and financial services for retirement, group life, estate preservation, health protection, income continuance, and education.
Nevertheless, they continued to be among the most successful insurance providers thanks to their second-highest net income among all the listed insurance providers.
· Pru Life Insurance Corporation of the UK.
The Pru Life Insurance Corp. of the United Kingdom was established in 1848 and had offices worldwide, with its primary location in London.
They provide a vast array of retail financial services, including asset management, in Asia, with a significant presence in the Philippines.
They collaborate with many banking institutions and provide various services in addition to life insurance products, such as health and protection.
· AXA Life Insurance Company of the Philippines, Inc.
Philippines AXA Life Insurance Corporation, established in 1962, is a significant player in the insurance sector.
Their offerings cover various categories, including investments, income protection, health, and education.
The business’s main office is in Makati City.
· The FWD Life Insurance Company
One of the Philippines’ most rapidly expanding insurance companies is FWD Life Insurance Corporation, better known as FWD Insurance or FWD Life.
It was established in 2014 and currently ranks first among all life insurance providers nationwide for paid-up capital.
Customers of FWD Insurance can use the Tapp app on their mobile devices to manage their policies.
FWD Insurance offers various life insurance, health insurance, and life insurance plus investment packages.
· Company for American Life and General Insurance
A company called Philippine American Life and General Insurance Company, Inc. was established in 1947 and focuses on life insurance and investment goods such as protection, health and accident, savings, education, and investment programs, as well as financial plans and wellness initiatives.
Taguig is where they have their main offices.
· Philippines-based Manulife
An insurance company with a concentration on credit life, employee security, medical, investment, pension, and employee benefits programs is The Manufacturers Life Insurance Company Philippines, Inc., or Manulife, as it is most popularly known here.
Manulife Financial Asia Limited is the company that oversees its Philippine division.
· BDO Life Assure Co., Lnc (Generali Pilipinas Life)
BDO Unibank Inc. purchased the business, which was formerly known as Generali Pilipinas Holding Co. Inc., in 2016; it is now run as a division of BDO Unibank, Inc.
They provide a wide range of insurance, health, educational, and other financial services, as well as financial and investment services.
· The company Allianz PNB Life Insurance, Inc.
This is the first time Allianz PNB Life has made this list in the top 10 in our three years of compiling (and frequently revising).
In 2001, the Allianz Group began offering variable life insurance products in the Philippines in collaboration with the Philippine National Bank.
Allianz, which has its original headquarters in Germany, is a well-known brand in the financial services industry with 90 million retail and business clients spread across 70 nations.
· The BPI-AIA Life Insurance Company
The organization was formerly named Ayala Life Assurance Incorporated and was founded in 1933.
As a division of Philippine American Life and General Insurance Company, Inc., it does business.
A wide range of financial products is available from BPI-Philam, including savings, investments, educational funds, retirement funds, personal accident insurance, auto insurance, income protection, and many more.
· United Coconut Planters Life Assurance Company.
UCPB Life Assurance Corp, a life insurance underwriting specialist, was established in 1966.
Additionally, they provide services for a mutual fund, non-life, and non-healthcare products, including protection, education, pension/retirement, and memorial insurance plans.