The Insurance Commission (IC) has released the latest performance of life insurance companies in the Philippines of 2017. Among the 5 categories, only one of them is widely used. This is not just in the Philippines but the entire life insurance industry in the world and that’s “Premium Income“. Best life insurance companies.
Top Life Insurance Companies in the Philippines 2017 (Quick Links):
Premium Income is the revenue that an insurer receives as premiums paid by its customers for insurance products. When a customer purchases an insurance product, such as a health insurance policy, the customers cost for a specified term of the policy is called the premium. (Investopedia)
Sun Life Remains the Top Insurer of 2017
The latest performance of life insurance companies released by IC based on premium income has hailed Sun Life as the number one insurer of 2017. This is the 7th consecutive time that Sun Life managed to top the premium income category both in traditional (whole life, term, and endowment) and variable plans. So why it’s important to be the number one (or to be included in the top 10) insurance company? Because this serves as a validation that the companies like Sun Life can still fulfill its promise to their clients. Remember that a life insurance is an aleatory contract or a contract of promise that when a specified event occurs like death, then the insurer will have to pay the promised amount. Of course, you want your family to get the benefits by the time it happens to you right?
Sun Life’s Traditional and VUL Plans
This is why it’s important to consider the standing of an insurance company before availing any insurance plan. You want that by the time that the need arises, the company is still performing well to fulfill its obligations to you. But this shouldn’t be the sole basis for getting a plan might as well consider convenience, customer service, a reputable Financial Advisor, etc.
Colonial life insurance
If you want to get a term life insurance with Sun Life then you can follow the link below. You can also request a quote to have a glimpse of the benefits you can get and schedule a financial consultation/planning which are all for FREE.
If you want income protection with wealth accumulation plan then a VUL plan is perfect for you. VUL plan is designed to give you financial security and peace of mind while growing your money over time. You can request for a FREE quotation and financial consultation by following the links below.
Top Life Insurance in the Philippines Based on Net Income 2018
Net income is the total profit of a company after subtracting all the expenses in operating the business. This is a good indicator to see how profitable a company and Sun Life showed a remarkable movement from the 7th spot in 2016 to the number 1 spot in 2018. The growth is an astounding 400% compared to the 23% growth in earnings of its nearest rival, Philam Life.
The Top 10 Life Insurance Companies in Assets 2018
An asset is anything expected to bring futurebenefit by generating cash flow, reducing expenses, increase sales, etc. This category is once again dominated by Philam Life with more than Php 251 Billion worth of assets.
Top 10 Life Insurance in the Philippines Based in Net Worth 2018
Another category Philam Life has topped is the net worth or the amount by which the assets exceeds the liabilities. They are followed by Insular Life and Sun Life, respectively.