By CHINO S. LEYCO
The Insurance Commission listed Malayan Insurance Co., Inc., Prudential Guarantee Assurance Inc and Pioneer Insurance and Surety Corp. as the country’s top three non-life firms based on Gross Premium Written (GPW) in 2019.
Based on the preliminary report released by the IC, Malayan Insurance retained its number one position in the non-life insurance sector with P12.25 billion GPW.
It was Prudential Guarantee & Assurance (PGAI) with P10.11 billion, Pioneer Insurance & Surety Corp. with 10.08 billion, BPI/MS Insurance Corp. with P6.12 billion, and Charter Ping An with P5.44 billion.
Quoting Insurance Commissioner Dennis Funa, Malayan Insurance said in a statement that “Gross premiums written are computed by taking the sum of an insurance company’s premiums from direct business and assumed premiums before the effect of ceded reinsurance.”
In 2019, total gross premiums written from the local non-life insurance sector grew by 13 percent to P92.479 billion from P81.469 billion in the previous year.
“Malayan Insurance has been the dominant non-life insurer of Philippine businesses and families for 50 years,” the company said.
Meanwhile, PGAI also said that the company “has again ranked number one among non-life insurance companies,” in terms of net premiums written (NPW).
In a separate announcement PGA also quoted Funa as saying that the company “topped the non-life insurance sector in 2019, the third-straight year the company has led in NPW.”
“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,” PGAI quoted Funa as saying.
“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 premium retention,” its added.
PGA’s net premiums written as of the fourth quarter of 2019 amounted to P5.03 billion.
Following PGA as second-best in NPW is Pacific Cross Insurance, Inc. (Blue Cross Insurance, Inc.) with
P4.88 billion, while Malayan Insurance landed on third spot with P3.98 billion.
Rounding out the Philippines’ top 10 list of non-insurance firms’ NPW performance are Charter Ping An Insurance Corporation with P3.61 billion; Pioneer Insurance & Surety
Corporation with P3.58 billion; BPI/MS Insurance Corporation with P3.07 billion; FPG Insurance Company, Inc. with P2.94 billion; Commonwealth Insurance Company with P2.60 billion; UCPB General Insurance Company with P1.84 billion; and Standard Insurance Company, Inc. with P1.82 billion.
“Malayan Insurance is the only Philippine non-life insurance company rated by AM Best, a global rating authority for the insurance industry, with Financial Strength Rating: B++ (Good), and Issuer Credit Rating bbb+,” it added.
Malayan Insurance, founded in 1930, is celebrating its milestone 90th anniversary this year 2020. It is a member of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the Philippines, with core businesses in financial services, banking, investments, construction, education, energy, and information technology.