Prudential Guarantee and Assurance Inc. (PGAI) retained its market leadership among nonlife insurers in terms of net premiums written in 2019.
The Insurance Commission announced on Thursday the top 10 nonlife insurance companies in terms of net premiums written, gross premiums written, net worth and total assets based on unaudited quarterly reports submitted to the government regulator.
With net premiums written amounting to P5.03 billion, PGAI emerged as the top nonlife insurance firm in 2019. It also earned the top spot based on net premiums written in 2018.
Trailing PGAI are: Pacific Cross Insurance Inc., with P4.88 billion of net premiums written; Malayan Insurance Co. Inc. (P3.98 billion); Charter Ping An Insurance Corp. (P3.61 billion); and, Pioneer Insurance and Surety Corp. (P3.58 billion).
“Net premiums written are obtained by subtracting a nonlife insurance company’s reinsurance cessation from gross premiums written,” Insurance Commissioner Dennis B. Funa said in a statement. “It represents how much of the premiums nonlife insurers get for assuming risks.”
Total net premiums written by the non-life insurance industry in 2019 surged by 15.71 percent to P58.821 billion from P50.834 billion in 2018.
Malayan Insurance (MICI) is still the No. 1 nonlife insurer based on gross
“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.
With P12.25 billion in gross premiums written, MICI notched the top spot followed by PGAI, with P10.11 billion, Pioneer Insurance (P10.08 billion, BPI/MS Insurance Corp. (P6.12 billion) and Charter Ping An (P5.44 billion).
In 2019, gross premiums written by the nonlife insurance industry jumped by 13.51 percent to P92.479 billion from P81.469 billion in 2018.
Based on 2019 net worth, Pioneer Insurance led the pack with a net worth of P16.60 billion.
Next on the list were MICI, with P4.70 billion followed by BPI/MS (P3.56 billion), Philippines First Insurance Co. Inc. (P2.91 billion) and Standard Insurance Co. Inc. (P2.68 billion).
“The combined net worths of the top ten nonlife insurance companies accounted for 43.94 percent of the industry’s entire net worth for 2019, amounting to P91.21 billion,” Funa said.
The nonlife insurance industry’s total net worth last year reached P98.141 billion, soaring by 19.20 percent from P82.332 billion in 2018.
Aside from net worth, Pioneer Insurance also ranked first based on total assets, with P35.24 billion in 2019.
Placing second was MICI with P28.31 billion, PGAI (P17 billion), BPI/MS (P14.03 billion) and Charter Ping An (P12.70 billion).
Last year, total assets of the nonlife insurance industry rose by 10.26 percent to P259.576 billion from P235.418 billion in 2018.