Life insurance premiums jump 34% to P74 B in 2007
Ted P. Torres
Philippine Star
Total premium collections registered by the country’s life insurance industry in 2007 reached P74.125 billion, up 34 percent from P55.3 billion in 2006.
Based on official figures released by the Insurance Commission recently, Philippine American Life and General Insurance Co. (Philamlife) topped the list of life insurance companies in terms of assets and total premiums in 2007.
Philamlife reported assets worth P108.3 billion and premiums worth P16.8 billion.
Sun Life of Canada (Phils.) Inc. was second best in assets worth P66.9 billion, but third in terms of premiums worth P13.1 billion.
AXA Philippines reported total premiums of P16.3 billion, the second highest, although it remained fourth in terms of assets at P33 billion.
Insular Life Assurance Corp. reported premiums worth P7.69 billion and assets worth P57.1 billion. Pru Life Insurance Corp. of UK accounted for P5.1 billion in terms of premiums and P12 billion in terms of assets.
Manufacturers Life Insurance Co. reported premiums of P3.5 billion and assets worth P9.8 billion. Ayala Life Assurance Inc. reported premiums worth P1.74 billion and assets of P12 billion.
Great Pacific Life Assurance Corp. reported premiums of P1.43 billion last year and assets worth P5.94 billion.
Generali Pilipinas Life Assurance Co. reported premiums of P1.45 billion and assets of P5.9 billion in 2007. New York Life Insurance (Philippines) Inc. reported premiums of P967 million and assets worth P2.3 billion.
Meanwhile, PGA Sompo Japan Insurance reported a positive net income of P6.88 million in the first three months of 2008 based on preliminary data from the Insurance Commission.
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