By Chino S. Leyco
Coyiuto-led Prudential Guarantee and Assurance, Inc. was the top non-life insurance company in the Philippines last year in terms of net premiums, the government regulator announced.
In a statement, the Insurance Commission named the top five non-life insurance companies for 2018 based on net premiums written, gross premiums written, assets, net worth, and net income.
Prudential emerged as the number one non-life insurance firm in terms of net premiums written for the year 2018 with P5.18 billion, which was trailed by Charter Ping An with P3.9 billion and Malayan Insurance Co., Inc., with P3.77 billion.
Prudential Guarantee also ranked number 1 in 2017, with P4.97 billion in net premiums written that year.
Pioneer Insurance and Surety Corp. with P3.09 billion as well as BPI/MS Insurance Corp. with P3.04 billion completed the top five in terms of net premium written.
Net premiums written is the gross premiums written less reinsurance cessation. It represents how much of the premiums the company gets for assuming risk.
Malayan, a member of the Yuchengco Group of Companies, meanwhile, retained its market leadership in terms of gross premiums written with a reported P10.16 billion gross premiums written for last year.
Prudential, along with Pioneer kept the second and third rank, respectively, with P9.64 billion and with P9.29 billion.
BPI/MS (P5.82 billion) and Charter Ping An (P5.67 billion) completed the top five non-life insurers in terms of gross premiums written.
Gross premiums written is the sum of the premiums from direct business and assumed premiums before the effect of ceded reinsurance.
In terms of assets, Malayan took the top spot for 2018 with a recorded total P34.28 billion, while Pioneer came in second with P31 billion.
Prudential (P14.41 billion), BPI/MS (P12.80 billion), and Charter Ping An (P11.40 billion) completed the top five in terms of total assets.
The combined assets of top five non-life insurance companies accounts for 44.13 percent of the total assets of the non-life insurance industry last year.
Pioneer has retained its market leadership in terms of net worth as of end 2018 with a reported net worth of P15.39 billion. Malayan took the second spot with P4.24 billion.
Taking the third spot is BPI/MS with a reported net worth of P2.75 billion followed by Standard Insurance Co., Inc. with P2.74 billion Philippines’ First Insurance Co., Inc. with P2.45 billion.
In terms of net income, BPI/MS recorded the highest with P453.83 million followed by CARD Pioneer Microinsurance, Inc., the first microinsurance company in the Philippines, with P395.15 million.
Coming from the seventh spot in 2017, Pioneer ranked thirrd in terms of net income for 2018 with P346.75 million.
Prudential took the fourth spot with P264.88 million. And completing the list is Malayan with P195.27 million.
Insurance Commissioner Dennis B. Funa clarified that these rankings are based on the submitted unaudited quarterly statistics as of the quarter ending 31 December 2018 by the non-life insurance companies.