The local insurance business has been growing steadily as more and more people become educated in the importance of being insured, thanks to the efforts of old and new Financial Advisors from different insurance companies. Just recently, the Insurance Commission released the (unaudited) 2019 reports, one of which is the report on the New Business Premiums of Life Insurance Companies. This is based on the new life insurance policies paid for and issued last year.
Three companies stood out to deliver the best results in this category and here are some of the highlights that contributed to their success:
1. Sun Life
Leading in this category is Sun Life Philippines, which remains to be the top insurance company for nine years straight. Sun Life has been in the Philippines for 125 years now, being the first and oldest insurance company in the country. Its long-standing presence is a big factor why a big percentage of the Filipino population choose to trust the company with their insurance and investment needs. After all, trust is a major component in choosing a financial partner, especially when what you’re purchasing is something intangible like life insurance.
2. Pru Life UK
Recruitment is the name of the game for the British insurance firm with over a 32,000-strong (and counting) agency force nationwide. Pru Life UK advocates educating Filipinos to be financially literate and does that well by breeding new financial advisors. Pioneering the investment-linked policies in the Philippines, their partnership with Eastspring Investments as their fund manager provides them with fund management unlike any other locally.
3. AXA Philippines
AXA is a multinational insurance firm headquartered in France, and is the leading insurance brand globally. With the recent shift in global demand for more health-related insurance products, AXA Philippines has been innovating their health insurance lineup. This includes reinventing the company’s private international health insurance that covers hospitalization costs anywhere in the world. They also revolutionized critical illness coverages for individuals and families to make an inclusive financial protection product that targets more segments across the country.
In conclusion
The report on the New Business Annual Premium Equivalent (NPABE) category is a strong indication of public’s great interest in life insurance is a basic financial need, with its benefits significantly highlighted by the current pandemic.
However, this is not the only category you should look at when getting a life insurance policy, as there are several parameters that the Insurance Commission use to rank life insurance companies. It is equally important, if not more, to have a licensed life insurance agent that has your best interests at heart. Regardless of the company they are affiliated with, they should be able to provide you with a life insurance plan that will help you reach your goal while ensuring the maximum benefit for you and your beneficiaries.
Data Source: Insurance Commission
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