Top 40 Insurance Companies in the Philippines

Last Updated – Nov 12, 2021 @ 3:07 pm

Choosing your insurance provider can be extremely overwhelming especially considering the number of companies that provide this service. One great way to narrow down your choice is to start looking at the most reputable insurance companies in the Philippines.

Whether you want to avail life insurance, non-life insurance, or both, you need to pick a reliable company that is committed to serving your needs.

This guide will reveal the top insurance companies in the country that should be on your radar. 

What is Insurance?

Insurance is a type of financial product sold by insurance companies to protect you and your properties against the risk of accidents, illnesses, damage, theft, and losses. Insurance policies are vital since it is considered a hedge against the risk of financial losses. 

When you get insurance, you will make regular payments also known as premiums to an insurance company. Once you make a claim, the company will pay you for the loss covered by your policy. Without this claim, you won’t get compensation. 


Life Insurance vs. Non-Life Insurance

There are a lot of dangers you will face in your life, and these can have great financial consequences if you are not protected by an insurance policy. There are many types of insurance products, and this can be divided into two: life insurance and non-life insurance.

Life insurance is an umbrella term for insurance policies that have to do with life, the death of someone, or a funeral provision.

On the other hand, non-life insurance covers policies that protect financial and material things in your daily life. This could include your vehicle, home, business, and other properties. It can also serve as protection for accidents or illnesses. 

This table illustrates the major differences between the two insurance types. 

BasisLife InsuranceNon-life insurance
Policy PeriodLong termShort term
Nature of PolicyIt is considered as an investmentIt is considered as a contract of indemnity
InsuredThe policy holder will receive the benefits of the coverageThe policyholder and other people insured under the policy can enjoy the benefits of the coverage
ClaimsThe sum is only paid when it matures, or upon the death of the policy holderThe claim is processed when the policyholder suffers from damages or financial loss
CostIt depends upon the sum assured offered by the insurance policyIt depends upon the insured asset/s

Types of Insurance Products in the Philippines

If you want to secure your future, you need to protect your assets. After all, nobody expects their car to crash, their house to burn down, or even suffer from a disability that will prevent them from working.

However, all these unfortunate events can still happen. There are many types of insurance policies that can cover different aspects of your life. Here are the most common ones below. 

Life Insurance

Life insurance policies involve paying a specific amount within the policy’s time frame. If you die within that time frame, your heirs or beneficiaries will be compensated.

Insurance companies earn by investing your premiums so you can also earn interest until your contract expires.

When applying for life insurance, you need to answer questions regarding your health and lifestyle to determine your risk category. 

Health Insurance

Major medical events in your life can cause financial turmoil. More often than not, the costs are so huge that people end up in debt. 

Health insurance is a coverage that protects you from the cost of surgical and medical expenses. It can reimburse the policyholder, or pay the hospital directly. 

Accident Insurance

Even if you have health insurance, there are still gaps you need to fill. Accident Insurance is a great added layer of protection that will help you cover costs associated with injuries from accidents. 

Car Insurance

Cars and motorcycles make your life more convenient, but if you encounter vehicle-related damages, it can be hard to recover from them if you are not financially prepared.

Car insurance is your protection against this. It can include property, liability, and medical protection. 

Home & Property Insurance

Property insurance is an umbrella term that covers the protection of your properties, including your home.

This way, you won’t have to worry about out-of-pocket costs caused by damage, or loss. For instance, if your business is vandalized, your insurer will pay for the damage. 

Travel Insurance

Travel insurance is a policy that guarantees compensation for accident, damage, illness, specified loss, and interruption that happens while you are traveling.

Therefore, you can handle unexpected situations better especially when you’re out of the country. 

Business Insurance

This type of insurance is a must-have for all business owners since it protects them from losses that are caused by risks involved in the business.

With business insurance, losses with financial assets, physical property, and intellectual property can be easily dealt with.

This is integral for businesses that still want to prosper in the event of customer injury, natural disasters, and security breaches, among others challenges.  

Pet Insurance

Pets are considered members of the family, and they too should have insurance. Pet insurance allows pet owners to save money when it comes to veterinary bills caused by accidents and illnesses.

It works in the same way as health insurance for humans. 

Educational Plan

An educational plan is like a cross between life insurance and a savings account. It is designed to help parents save and ensure there would be sufficient funds for their child’s college education in the future.


Top 20 Life Insurance Companies in the Philippines

Here are the top life insurance companies issued by the Insurance Commission. This ranking is based on their New Business Annual Premium Equivalent (NBAPE) from 2020.1 

Insurance CompanyTotal NBAPE
PRU Life Insurance Corporation of U.K.PHP 7,950,610,172
Sun Life of Canada (Philippines), Inc.PHP 7,800,338,556
Philippine Axa Life Insurance CorporationPHP 4,805,192,239
FWD Life Insurance CorporationPHP 2,872,145,988
BPI-Philam Life Assurance CorporationPHP 2,833,506,107
The Manufacturers Life Insurance Co. (Phils.), Inc.PHP 2,757,772,799
BDO Life Assurance Company, Inc.PHP 2,261,607,566
Allianz PNB Life Insurance, IncPHP 2,233,140,100
Philippine American Life and General Ins. Co.PHP 1,861,860,556
United Coconut Planters Life Assurance Corp.PHP 1,477,778,436
Sun Life GREPA Financial, Inc.PHP 1,477,778,436
The Insular Life Assurance Company, LimitedPHP 1,196,243,557
Manulife Chinabank Life Assurance CorporationPHP 1,163,789,677
Pioneer Life, Inc.PHP 1,138,833,449
East West Aegas Life Insurance CorporationPHP 1,068,189,798
Etiqa Life & General Assurance Philipppines, Inc.PHP 974,160,372
Beneficial Life Insurance Company, Inc.PHP 948,917,046
Paramount Life and General Insurance Corp.*PHP 555,944,117
Fortune Life Insurance Company, Inc.PHP 269,420,011
Generali Life Assurance Philippines, Inc.PHP 268,294,975

1. PRU Life UK

PRU Life Insurance Corporation of U.K. is a subsidiary of British financial services Prudential plc.

Established in 1996, their goal is to help every Filipino have the opportunity to face challenges by providing different insurance products and driving innovation in what they do. 

Insurance products they offer:

  • Insurance with investment
  • Term insurance
  • Health insurance
  • Accident & disability insurance

2. Sun Life of Canada

Sun Life of Canada (Philippines), Incorporated was founded in 1895, which makes it the oldest life insurance provider in the country.

The company halted their business after World War II, and resumed operation after it concluded. Now, it is one of the most popular and reliable life insurance providers in the country.

The insurance products they offer include:

  • Education
  • Estate preservation
  • Health protection
  • Income continuation
  • Retirement
  • Group life
  • VUL (Variable Universal Insurance)
  • Family insurance
  • Travel & accident insurance

3. AXA Philippines

Philippine Axa Life Insurance Corporation is one of the fastest-growing insurance providers in the country. This insurance provider is a joint venture between Metrobank group and AXA group. Although it was only founded in 1999 in the Philippines, it has cemented its name as one of the best life insurance companies. 

Insurance products they offer:

  • Health coverage
  • Income protection 
  • Educational plans 
  • Life insurance
  • VUL
  • Retirement plan
  • Home & property insurance
  • Business insurance (Charter Ping An)
  • Travel insurance (Charter Ping An)
  • Car insurance (Charter Ping An)

4. FWD Life Insurance

FWD Life Insurance Corporation is not only successful in the Philippines, but also in other countries such as Thailand, Vietnam, Malaysia, Japan, Singapore, Indonesia, and many more.

Despite only being launched in the country in 2014, this new player has managed to expand its reach drastically. 

Insurance products they offer:

  • Life protection
  • Health protection
  • Investments (VUL)

5. BPI-Philam Life

Founded in 1933 as Ayala Life Insurance Incorporated, BPI-Philam Life Assurance Corporation is the top bancassurance in the Philippines thanks to its strategic partnership with Philam Life and BPI.

Insurance products they offer:

  • Partnership insurance
  • Savings
  • Life insurance (savings, protection, and investment plans)
  • Heath insurance
  • Business insurance

6. Manulife

Manufacturers Life Insurance Co. (Phils.), Incorporated has been a major player in the industry since 1901. This reliable company serves countless Filipinos by providing products that suit every need of its customers.

Insurance products they offer:

  • Investment (VUL)
  • Education
  • Health insurance
  • Savings and retirement
  • Life insurance
  • Group insurance products

7. BDO Life

Founded in 1999 as a joint venture between BDO and Generali Pilipinas Holdings Company, this life insurance provider has been renamed BDO Life Assurance Company, Inc. This company also caters to corporate clients.

Insurance products they offer:

  • Life insurance (protection & savings)
  • Health insurance
  • Retirement plans
  • Estate planning
  • Group insurance 

8. Allianz PNB Life Insurance

Allianz PNB Life Insurance, Incorporated was founded only in 2001, operating as an Alliance SE subsidiary. In recent years, the company has shown growth and has jumped positions in the top insurance companies list.

Insurance products they offer:

  • Health insurance
  • Savings and investment (VUL)
  • Life insurance  
  • Education
  • Retirement

9. Philam Life

Philippine American Life and General Insurance Company is one of the top life insurance providers in the Philippines. It is a subsidiary of the American Insurance Corporation.

The company was established in 1947, and they have branched out to include subsidiaries such as BPI-Philam Life Assurance Corporation, and Philam Asset Management, Inc. 

Insurance products they offer:

  • Health insurance
  • Life insurance (protection, savings, and investment)

10. Cocolife

Established in 1966, United Coconut Planters Life Assurance Corporation is the biggest Filipino-owned stock life insurance company. 

Insurance products they offer:

  • Healthcare
  • Individual life insurance
  • Group life insurance 

11. Sun Life GREPA

Sun Life GREPA Financial, Incorporated is a joint venture between Sun Life Financial Philippines and the Yuchengco Group of Companies. Formerly known as Grepalife Financial, it was founded in1954 and has evolved to become one of the country’s industry leaders.

Insurance products they offer:

  • Life insurance
  • Income continuation
  • Education
  • Retirement and estate preservation 
  • Health protection 

12. Insular Life

Insular Life Assurance Company is one of the most trusted Filipino life insurance companies. It is also the only mutual life insurance company in the Philippines.

With more than 100 years of experience, it promises to help clients make more confident decisions when it comes to their finances.  

Insurance products they offer:

  • Life insurance
  • Heath insurance
  • Education plan
  • VUL 
  • Retirement plan
  • Estate planning 
  • Investment funds 

13. Manulife Chinabank  

Manulife Chinabank Life Assurance Corporation is a joint venture between Manulife Philippines and China Banking Corporation. Their goal is to ensure that all China Bank customers receive the best solution for their insurance needs.

Insurance products they offer:

  • Education plans
  • Life insurance
  • Heath insurance
  • Personal wealth plans
  • Retirement plans

14. Pioneer Life

Established in 1964, Pioneer Life Incorporated is a Filipino-owned company that continues to grow as a significant player in the industry. 

Insurance products they offer:

  • Individual life insurance and investment
  • Insurance for groups and employees

15. East West Ageas Life

East West Ageas Life Insurance Corporation is a joint venture of East West, one of the Philippines’ fastest-growing banks, and the Ageas Insurance International NV International Insurance Group based in Belgium.

Insurance products they offer:

  • Life insurance
  • Health insurance
  • Home loan insurance
  • Educational plans
  • Retirement plans

16. Etiqa

Formerly known as AsianLife & General Assurance Corporation – Etiqa Life & General Assurance Philippines, Inc. is based in Kuala Lumpur, Malaysia, but has regional presences in Indonesia, the Philippines, Cambodia, and Singapore. 

Insurance products they offer:

  • Endowment plan (Education)
  • Life insurance (VUL)
  • Health insurance
  • Auto insurance
  • Property insurance
  • Group life insurance
  • Business insurance

17. BenLife

Beneficial Life Insurance Company, Inc. is a Filipino-owned life insurance company established in 1960.

From a capital of Php2.5 million, it has grown to have more than 6,700 stockholders, making it one of the most stable and formidable insurance providers in the country. 

Insurance products they offer:

  • Life insurance funds for life cycles needs
  • Life insurance packages for regular employees
  • Group insurance products for employees or members of institutions 

18. Paramount Life & General Insurance

Established in 1950, Paramount Life and General Insurance Corporation started as a non-life insurance business. Now, it has built a strong presence as one of the leading life insurance providers in the Philippines.

Insurance products they offer:

  • Life insurance
  • Auto insurance
  • Home insurance
  • Healthcare
  • Travel insurance

19. Fortune Life Insurance

Founded in 1984, Fortune Life Insurance Company, Incorporated is dedicated to helping Filipinos achieve different financial goals through comprehensive solutions.

Insurance products they offer:

  • Life insurance (savings & protection)
  • Business insurance
  • OFW insurance

20. Generali Life

Providing solutions to international and local clients since 1999, Generali Life Assurance Philippines, Inc. has a solid track record, particularly in group life policies. 

Insurance products they offer:

  • Life insurance
  • Group life insurance
  • Group health insurance
  • Pension plans

Top 20 Non-Life Insurance Companies in the Philippines

Here are the top non-life insurance companies issued by the Insurance Commission. This ranking is based on their Net Income.2

Insurance CompanyNet Income
Malayan Insurance Company, Inc.PHP 746,564,058
AIG Philippines Insurance Inc.PHP 607,094,832
BPI/MS Insurance Corp.PHP 522,482,688
Standard Insurance Company, Inc.PHP 398,777,251
Pioneer Insurance & Surety Corp.PHP 305,753,351
MAA General Assurance Phils., Inc.PHP 304,312,221
Card Pioneer Microinsurance, Inc.PHP 264,230,934
Philippine British Assurance Company, Inc.PHP 174,241,550
Prudential Guarantee & Assurance, Inc.PHP 162,917,232
Cibeles Insurance Corp.PHP 154,970,845
Philippines First Insurance Company, Inc.PHP 153,060,408
Pacific Cross Insurance, Inc. (Blue Cross Insurance, Inc.)PHP 140,732,090
Asia Insurance (Philippines) Corp.PHP 134,312,937
Asia United Insurance, Inc.PHP 125,741,569
PGA Sompo Insurance Corp.PHP 120,702,571
Commonwealth Insurance CompanyPHP 115,599,958
Alpha Insurance & Surety Company, Inc.PHP 113,125,555
Western Guaranty CorporationPHP 103,306,562
Alliedbankers Insurance Corp.PHP 100,159,337
Pacific Union Insurance CompanyPHP 92,854,581

1. Malayan Insurance

With a significant lead in net income, Malayan Insurance Company, Incorporated tops the list of non-life insurance companies in the Philippines.

For half a decade, this insurance provider has introduced a myriad of products to the insurance market in the Philippines. 

Insurance products they offer:

  • Aviation insurance
  • Engineering insurance
  • Marine insurance
  • Miscellaneous casualty insurance
  • Personal accident insurance
  • Surety insurance
  • Fire insurance
  • Motorcar insurance
  • Pet insurance

2. AIG

AIG Philippines Insurance Incorporated is one of the premier providers of general and property-casualty insurance in the Philippines. Globally, they have close to 100 million customers in over a hundred countries.

AIG Philippines stands out best in giving clients tailor-made solutions to their needs.

Insurance products they offer:

  • Aviation insurance
  • Environmental insurance
  • Casualty insurance
  • Property insurance
  • Energy insurance
  • Financial lines insurance
  • Marine insurance

3. BPI/MS Insurance Corp.

This is a joint venture between the Bank of the Philippine Islands and the Mitsui Sumitomo Insurance Company.

BPI/MS Insurance Corporation is a trusted provider with amazing services that allow its customers to pursue their goals without being worried about financial burdens caused by uncertainties.

Insurance products they offer:

  • Fire insurance
  • Motor insurance
  • Marine insurance
  • Personal accident insurance
  • Travel care insurance
  • Engineering insurance
  • Home care advantage insurance 
  • Liability insurance
  • Bonds

4. Standard Insurance

Standard Insurance Company, Incorporated wants its clients to have the highest quality coverage and service in the country. This non-life insurance company strives to become part of the 10 world’s top insurance providers by 2035. 

Insurance products they offer:

  • Car protect
  • Motorcycle protect
  • CTPL cover
  • Cellphone protect
  • Travel protect
  • House protect
  • Accident insurance (for teachers, students, & kasambahay)
  • Biz protect
  • Truck protect
  • Marine
  • 3-in-1 protect (motor, marine cargo, & personal accident insurance)
  • Fire and allied perils 
  • Bonds 

5. Pioneer Insurance

Pioneer Insurance & Surety Corporation has been serving Filipinos for more than 60 years with its incredible non-life and life insurance policies.

This is what catapulted them to become one of the top-performing insurance providers in the country.

Insurance products they offer:

  • Accident and health insurance
  • Micro insurance
  • Travel insurance
  • Health insurance
  • OFW insurance
  • Surety 
  • Aviation insurance
  • Cargo insurance
  • Engineering insurance
  • General accident insurance
  • Car insurance
  • Motor insurance
  • Business insurance
  • Golf buddy
  • Home insurance

6. MAA General Assurance

Despite only starting its operation in 2001, MAA General Assurance Philippines, Incorporated has become one of the country’s best non-life insurance providers based on gross premium written.

Insurance products they offer:

  • Motor insurance
  • Fire/property insurance
  • Personal accident insurance
  • Engineering insurance
  • Casualty insurance
  • Aviation insurance
  • Marine cargo & hull insurance
  • Surety/bonds

7. Card Pioneer Microinsurance

Since 2013, CARD and Pioneer have partnered to provide micro insurance policies to economically and socially challenged families.

This collaboration made way for the first-ever micro-insurance company in the Philippines. The company prides itself on continuously dialoguing with their partners and clients to provide reliable products. 

Insurance products they offer:

  • Sagip Plan 
  • CARD Care 
  • Kabuklon plan 
  • ER Care
  • Medicash Dengue
  • NegoSure
  • ProteKITA 
  • Binhi
  • Dakita

8. Philippine British Assurance

Philippine British Assurance Company, Incorporated has been in service in the country for the past 60 years. This privately-owned non-life insurance provider aspires to be a partner Filipinos can depend upon at all times. 

Insurance products they offer:

  • Migrant workers insurance
  • Property insurance
  • Miscellaneous casualty insurance
  • Motor car insurance
  • Engineering insurance
  • Personal accident insurance
  • Marine insurance
  • Bonds
  • Accident & health insurance

9. Prudential Guarantee

Prudential Guarantee & Assurance has maintained its excellence and leading position as one of the country’s top non-life insurance providers. Their clients belong to the top corporations in the Philippines.

Insurance products they offer:

  • Accident and health insurance
  • Auto insurance
  • Aviation insurance
  • Casualty insurance
  • Engineering insurance
  • Financial lines insurance
  • Fire and property insurance
  • Marine insurance
  • Suretyship or bonds
  • Works of art

10. Cibeles Insurance

Cibeles Insurance Corporation is one of the fastest-growing non-life insurance companies in the country with over three decades of service excellence.

This provider’s reputation for prompt claims service enables it to stand out from the competition. 

Insurance products they offer:

  • Motor car insurance
  • Engineering insurance
  • Fire and allied perils
  • Marine insurance
  • Casualty insurance
  • Bonds

11. Philippines First Insurance

More than 100 years after it was founded, Philippines First Insurance Company, Incorporated continues to provide vital non-life insurance protection to Filipinos and enterprises.

This company is the first non-life insurance company established in the country in 1906 during the American Colonial Period. 

Insurance products they offer:

  • Auto first
  • Home first
  • Travel first 
  • Personal first
  • Engineering insurance
  • Marine& aviation insurance
  • Casualty insurance 

12. Pacific Cross (Blue Cross)

With their excellent policies in medical and travel insurance, Pacific Cross Insurance, Incorporated excels best at protecting Filipinos by helping them manage risks. Therefore, its clients can prepare for the worst and unexpected so it becomes easier to deal with. 

Insurance products they offer:

  • Medical insurance
  • Travel insurance
  • Personal accident

13. Asia Insurance (Philippines)

Asia Insurance (Philippines) Corp. is one of the most established insurance companies in Indonesia, Thailand, and Hong Kong. The company’s solid business profile and strength has allowed it to expand in the Philippines in 1998

Insurance products they offer:

  • Casualty insurance
  • Fire insurance
  • Motor insurance 
  • Surety bond insurance 
  • Marine insurance 
  • Engineering lines insurance 

14. Asia United Insurance

Asia United Insurance, Incorporated plays a dynamic role in the lives of its clients. This insurance provider is a joint venture of a consortium of reputable businessmen who have a common vision to give Filipinos quality insurance as a response to today’s challenging times. This Filipino-owned company started operating in 2000. 

Insurance products they offer:

  • Fire and allied perils insurance
  • Motor car insurance
  • Marine cargo
  • Personal accident insurance 
  • Miscellaneous casualty insurance
  • Engineering insurance 
  • Bonds

15. PGA Sompo Insurance

PGA Sompo Insurance Corporation has close to 30 years of experience under its belt. Since its inception, the company has remained steadfast and competitive in offering non-life insurance services that protect Filipinos from losing everything they value.

Insurance products they offer:

  • Travel insurance
  • Motor insurance
  • Property and home insurance
  • Engineering insurance
  • Marine insurance
  • Trade insurance
  • Credit insurance
  • Personal accident insurance

16. Commonwealth Insurance

Established in 1935, Commonwealth Insurance Company is one of the most experienced non-life insurance providers in the country. It is considered a respected industry leader that provides innovative quality service. 

Insurance products they offer:

  • Fire insurance
  • Marine insurance
  • Engineering insurance
  • Special risk
  • Bonds
  • Motor car insurance
  • Personal accident insurance                               

17. Alpha Insurance

Alpha Insurance & Surety Company, Inc. was established in 1957. Now, it is continually growing its presence in the insurance industry and expanding across the Philippines. 

Insurance products they offer:

  • Fire and allied perils insurance
  • Motor car insurance 
  • Marine insurance
  • Engineering risk insurance
  • Miscellaneous & casualty insurance
  • Bonds / surety
  • Personal accident insurance

18. Western Guaranty

Western Guaranty Corporation is one of the largest and most stable non-life insurance providers in the Philippines that provides accessible, affordable, and reliable products for Filipinos.

The company also guarantees fast and easy management of benefits. 

Insurance products they offer:

  • Motor vehicles insurance
  • Fire insurance
  • Personal accident insurance
  • Marine cargo insurance
  • Casualty insurance

19. Alliedbankers Insurance

Alliedbankers Insurance Corporation was founded in 1960 by Filipino-Chinese businessmen and came into being in 1980 upon the approval of the SEC of the 19-year charter formerly known as Sincere Insurance Company, Inc.

Since then, this insurance provider has been building its solid reputation and beefing up its policies to benefit more Filipinos. 

Insurance products they offer:

  • Motorcar insurance
  • Fire insurance
  • Personal accident insurance
  • Engineering insurance
  • Marine insurance
  • Suretyship 

20. Pacific Union Insurance

Famous for their travel and medical insurance policies, Pacific Union Insurance Company proves that it understands the unique challenges of Filipinos. 

Insurance products they offer:

  • Motor insurance
  • Personal accident insurance
  • Inland marine insurance
  • Fire insurance
  • Liability insurance
  • Surety 

Sources

  1. Insurance Commission
  2. Insurance Commission

About MJ de Castro

MJ de Castro is the lead personal finance columnist at Grit PH.

MJ started her career as a writer for her local government’s City Information Office. Later on, she became a news anchor on PTV Davao del Norte.

Wanting to break free from the shackles of her 9-to-5 career to live by the beach, she pursued remote work. Over the years, she has developed a wide specialization on health, financial literacy, entrepreneurship, branding, and travel.

Now, she juggles writing professionally, her business centering on women’s menstrual health, and surfing.

Education: Ateneo de Davao University (AB Mass Communication)
Focus: Personal Finance, Personal Development, Entrepreneurship, & Marketing

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *