Malayan Insurance Co. Inc. was the top insurance firm in terms of gross premiums written and net premiums written based on audited 2020 annual statements of 48 non-life insurance companies, according to the Insurance Commission.
Insurance Commissioner Dennis Funa announced the top 10 non-life insurance companies in terms of gross premiums written, net premiums written, premiums earned, assets, net worth, paid-up capital, invested assets, and net income. “Notably, 12 non-life insurers have yet to submit their 2020 AS [annual statement]. Thus, the performance indicators will have to be updated once all companies have submitted their AS,” Funa said.
Malayan Insurance Company Inc. ranked first with P14.21 billion in terms of gross premiums written, followed by Pioneer Insurance & Surety Corp., with P10.09 billion; BPI/MS Insurance Corp., P5.83 billion; FPG Insurance Co., Inc., P4.14 billion; Charter Ping An Insurance Corp., P3.92 billion; Standard Insurance Co., Inc., P3.40 billion; UCPB General Insurance Co., Inc., P2.88 billion; Mercantile Insurance Co. Inc., P2.414 billion; PGA Sompo Insurance Corp., P2.409 billion; and PNB General Insurers Company Inc., P1.93 billion.
“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,” Funa said.
